To calculate how much your mortgage payment is or will be, you take the amount of the home plus the interest rate and divide it by the number of months you will pay it.
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By going through the process, you get an idea of how much you pay in principal and interest each month. Calculating mortgage payments lets you look under the hood and see how your
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1 Use the following equation M = P[i(1+i)^n]/[(1+i)^n 1] to calculate the monthly payment of a mortgage loan. The monthly payment is M, the principal (amount of the loan) is P, the
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