2006-07-27 08:00:36 · 5 answers · asked by Allan M 1 in Business & Finance ➔ Personal Finance
See links below. Bankrate.com has calculators plus you can get an idea of what morgage rates are going for.
The second link has a description of the amortization formula used to calculate P&I on a mortgage.
Also, Excel and other spreatsheet programs have built in functions for doing this. In Excel its the PMT function-- search for that in Help
2006-07-27 08:06:49 · answer #1 · answered by dapixelator 6 · 0⤊ 0⤋
There is a formula but the easiest way is to use Excel if you have a computer. In cell A1, enter the interest rate as a decimal (i.e. a 6% mortgage would be 0.06), in cell A2 enter the number of years of amortization (i.e. enter 30 for a 30-year mortgage), in cell A3 enter the principal, in this case 430000.
In another cell (say A5 for example) enter the mortgage payment formula PMT as follows:
=PMT(A1/12,A2*12,-A3,0,0)
notice that the first value divides the rate by 12 and the second value multiplies by 12, this converts to monthly payments from annual.
The value will be your monthly payment of principal and interest.
2006-07-27 08:12:34 · answer #2 · answered by bapoitras 1 · 0⤊ 0⤋
a principal of $430,000, you don't want to know the monthly payment,
I am 25 and recently bought my own condo. Previous, I was ignorant to how much interest is paid over a 30 yr loan. I found out that I will pay over $450,000 over 30 years for my $170,000 condo. I could have gone without knowing that.
2006-07-27 08:05:46 · answer #3 · answered by Dz Nutz 3 · 0⤊ 0⤋
Go to Yahoo Finance,..Its there..Will be around $3100 for 25 years
2006-07-27 08:03:13 · answer #4 · answered by dwh12345 5 · 0⤊ 0⤋
if you can provide some more specifics, such as term, program being offered, interest rates, pmi charges, etc, i can steer you in the right direction... yourmortgagehelper
2006-07-27 08:05:48 · answer #5 · answered by yourmortgagehelper 1 · 0⤊ 0⤋