Mortgage Breakdown
Loan Principal: -
Monthly Payment: -
Total Interest Paid: -
Total Payment: -
How It Works
The mortgage payment is calculated using the amortization formula:
M = P [ i(1 + i)n ] / [ (1 + i)n - 1 ]
- M = Monthly payment
- P = Loan principal (Home Price - Down Payment)
- i = Monthly interest rate (Annual Rate ÷ 12)
- n = Total number of payments (Loan Term × 12)