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How do you calculate the mortgage payment?

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BabyAvocado
Happy New Year

Member since 5/05

17334 total posts

Name:

How do you calculate the mortgage payment?

I want to know the formula to do it myself, not using an online mortgage calculator. I feel so dumb that I don't remember how to do this! Chat Icon

For example: $250,000 mortgage at 6.5% = ?

Principal & Interest only payments is what I'm looking for. TIA!

Posted 5/25/06 12:27 PM
 
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danielleandscott
My new 71 Super Beetle

Member since 5/05

13476 total posts

Name:
Scott

Re: How do you calculate the mortgage payment?

I will check my real estate book and get back to you

Message edited 5/25/2006 12:41:15 PM.

Posted 5/25/06 12:40 PM
 

luvsun27
Check out my cool glasses

Member since 5/05

8135 total posts

Name:
Kim

Re: How do you calculate the mortgage payment?

I *think* you need an armatorization (sp?) calculator...do calculate the interest.

Posted 5/25/06 12:52 PM
 

schnapy
LIF Adolescent

Member since 9/05

766 total posts

Name:
Diana

Re: How do you calculate the mortgage payment?

you could get an approx # for every 100k you borrow its about $650.

Posted 5/25/06 1:29 PM
 

Diana1215
Living on a prayer!!!

Member since 10/05

29450 total posts

Name:
Diana

Re: How do you calculate the mortgage payment?

Go to preferredempire.com. They have a mortgage calculator on the website.

Posted 5/25/06 1:46 PM
 

BabyAvocado
Happy New Year

Member since 5/05

17334 total posts

Name:

Re: How do you calculate the mortgage payment?

Okay - I figured that part out. Now how do you figure out the APR? Again, not looking for an online calculator. Is there a formula in Excel that works?

Posted 5/25/06 1:48 PM
 

Diana1215
Living on a prayer!!!

Member since 10/05

29450 total posts

Name:
Diana

Re: How do you calculate the mortgage payment?

Posted by BabyAvocado

Again, not looking for an online calculator. Is there a formula in Excel that works?



Sorry! I didn't see that part.Chat Icon

Posted 5/25/06 2:42 PM
 

MrsSchwags
Soccer Baseball Lax Mom

Member since 10/05

11240 total posts

Name:
Jennifer

Re: How do you calculate the mortgage payment?

bankrate.com usually has mortgage calculators

Posted 5/25/06 2:45 PM
 

wilandnet
LIF Infant

Member since 9/05

224 total posts

Name:

Re: How do you calculate the mortgage payment?

Try this:

http://www.mortgage101.com/partner-scripts/1216.asp?p=cheyennehomes

or

http://www.mtgprofessor.com/formulas.htm

Posted 5/25/06 3:17 PM
 
 

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