Mortgage Calculator

Take the guess work out of how to calculate your monthly mortgage payment.

Follow these two easy steps from the home buying equation.

Step 1: Determine the first three digits of the loan amount. (Purchase Price of the Home – Downpayment = Loan Amount).

Example Situation: Purchase Price of $250,000 with 3.5% down at 4.5% for 30 years.

$252, 000 x .965 (3.5% downpayment)= $243, 180. First three digits is 243.

Step 2: Multiply the first three digits by the interests rate factor for the loan based on loan term. See Interest Rate Factor Chart Below.

 $243 x$5.07= $1232.01 (Principal and Interests Only) 

To calculate your mortgage payment including taxes, insurance and PMI, please use our Free Mortgage Calculator.   

How to Calculate Your Mortgage Payment Sample Interest Rate Factor Chart

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

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One Response to How To Calculate Mortgage Payment

  1. Send me your distressed real estate, reos and sellers who need to sell quiuckly. I close all cash, as-is, what-is, where-is throughout Hudson and Bergen Counties.

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