* Actual results may change with different plans and parameters. Mortgage calculator is for educational purposes only.
Get answers to these questions:
Mortgage loan monthly payment calculation:
A is the monthly payment amount.
P is the loan amount or principal amount.
r is the (annual interest rate)/12.
n is the number of monthly payments to return the loan.
Calculate the monthly payment of $500,000 loan, interest rate of 5% and loan term of 20 years:
Solution:
r = 5% / 12 = 0.4166667% = 0.004166667
n = 20(years) × 12(months/year) = 240(months)
A = $500000 × (0.004166667×(1+0.004166667)240) / ((1+0.004166667)240-1) = $3300
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