is there a certain formula to calculate this
How do i calculate my monthly payment for a mortgage loan?
Yes there is but I can't remember it off hand.
The best place to go and be able to calculate it out is morgage websites. They have all kinds of mortage calculation tools to use.
just go to yahoo search and put in %26quot;mortgage calulator%26quot; and it should bring up a few that are good.
How do i calculate my monthly payment for a mortgage loan?
There are many online mortgage calculators. Do a Yahoo search for %26quot;mortgage calculators%26quot; and you'll get many results. You can change the interest rate, downpayment, etc. Remember - this will just be principal and interest -- you need to add taxes and insurance.
A real estate agent will help you %26quot;pre-qualify%26quot; also. They will ask you a few questions about your finances, and tell you what price range to shop in.
How do i calculate my monthly payment for a mortgage loan?
If you have access to Microsoft Excel, you can use the PMT function with the following parameters
rate = the interest rate the loan is calculated @, divided by 12
nper = the total number of periods. (30 year mortgage would be 360, 12*30)
pv = present value, or the loan amount, typically expressed as a negative
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