mortgage payment calculator
Invader Kor
asked:
"I need an online mortgage payment calculator where you can input the following:Mortgage Amount (Example: 10,000 dollars) Mortgage Term (Example: 1 year/12 months)Interest Rate: (Example: 10.2%)Monthly Payment (Example: $200)The calculator needs to show a table of results including:Monthly BalanceInterest on Unpaid BalanceTotal (Monthly balance + monthly interest) Monthly Payment (in my case it's $200 per month) and the Balance after all that. (Total Balance per month: monthly balance + monthly interest - $200)All of that for each of 12 months, and then the grand total last. If there is such thing, the first person to locate a calculator where you can input the monthly balance (not have it calculated) gets Best Answer. I'm asking this cuz I've only seen Mortgage Calculators which calculate your monthly payment. I need one which calculates all/ most of the functions I listed above. Thanx!If you can calculate everything i listed & put it in a graph yourself, even better!By the way, the mortgage stuff is for a project, not in a real situation....."
Question posted courtesy of:
Ginger replied:
"Try bankrate.com. You can play around with in adding extra payments, interest rates, and terms. I can't imagine a $200 mortgage anywhere in the US."
NeedInfo06
asked:
"Can somone show me how to calculate a mortgage paymentlike for examplewhat is the monthly payment on a $200,000 mortgage at 6% interest over 25 years?Can somone show me how to calculate a mortgage paymentlike for examplewhat is the monthly payment on a $200,000 mortgage at 6% interest over 25 years?I need to know how to do the mathematical calculations, don't just give me the anwser."
Question posted courtesy of:
Paul C replied:
"1288.60"
tikki replied:
"I'm not exactly sure off the top of my head without using a mortgage calculator but, someone has told me to just say 1% will be your mortgage payment. So with $200,000 mortgage i would estimate your payment to be 2000/mth."
xavier p replied:
"With mortgages, we want to find the monthly payment required to totally pay down a borrowed principal over the course a number of payments.The standard mortgage formula is:M = P [ i(1 + i)n ] / [ (1 + i)n - 1]Where M is the monthly payment. i = r/12. The same formula can be expressed many different way, but this one avoids using negative exponentials which confuse some calculators."
shell replied:
"1288.60 but that doesn't include taxes or insurance. This is just P&I. Also take in account if you have HOA dues."
wifey replied:
"Easiest way to do that is to take the purchase price of the house and divide it by 100. The figure will be very close to your mortgage amount including property tax and insurance if you were paying roughly 9% interest. It's good to figure it this way too, because then you've estimated on the high end, so you know it will be less than that. If you're getting a 5% interest, than divide your figure by 50."
NevadaHomes replied:
"Hi NeedInfo06,Microsoft Excel has an amortization table template that you can use. If you do not have in your computer, go to Microsoft's website. Type amortization table in the search bar. Download it from there."
Tony Q replied:
"monthly payment = interest portion + principal portion m1=12 in us the interest is compounded monthly(in canada m1=2, interest is compounded semi-annual)m2=12 payment every monthYR=25%int=6 percent annual interestn= m2 * YR = 12 * 25 = 300int=%int / 100 / m1 = 6 / 100 / 12 = 0.005INT = (1 + int) ^ (m1 / m2) -1INT = (1 +0.005) ^ (12 /12) -1 = 0.005PV = loan = 200,000F1 = interest portion of mortgF1 = PV * INT = 200,000 * 0.005 = 1000F2 = equal monthly payment factorF2 = 1 - [1 + INT] ^ [ - n ]F2 = 1 - [1 + 0.005] ^ [ - 300 ]F2 = 0.77603432PMT = monthly payment = F1 / F2 = 1000 / 0.77603432PMT = 1288.60"
James T
asked:
"I'm in the first steps of buying a condo, and I'm a bit confused as to what a larger/smaller down payment actually does to the mortgage payment. In all of the mortgage payment calculators I've gone to online, increasing or decreasing the down payment has no effect on the monthly payment and only decreases the term. I am confused because I set the term to 30 years, but its still changing the life of the loan."
Question posted courtesy of:
IVA BEN replied:
"The larger your down payment, the less your loan will be and the less your payments will be."
busymomkaren replied:
"the larger your down payment, the smaller the monthly payment. the loan calculators assume you want to keep the same payment, so they are actually telling you how long it will take to pay it off at that payment. You actually save ALOT of money with a real big down payment, because you pay less interest."
wcowell2000 replied:
"First, the idea of a condo in this current market is not wise. They are a dime a dozen and unless you are stealing it then it is bad idea. Trust me. I do foreclosure bulk sales for a living and we can't give condos away.As far the effect on your payment, the rule of thumb is $7 per thousand. Put ten thousand down and the payment drops about $70 a month assuming an interest rate around 7%.I hope this helps."
DennistheMenace replied:
"if you can put enough down to shortinup the term, 20-30%...the only time youll ever see what your saving, is on paper before you sign on the dotted line....do the math, see what you can live with, and remember the future....."
heyteach replied:
"Larger downpayments decrease the monthly payment and total payment over the life of the loan.Also if you do not put down at least 20% you will have to pay PMI--private mortgage insurance--which is for the benefit of the lender NOT you.I wonder if you arrowed back to enter a different term or something that made the calculator not work. Or did you have a fixed monthly amount that was set when you used the calculator? Something went awry."
Mortgage Expert replied:
"As others have answered, it will reduce the payment however, I want to mention that you have to find the right balance on how much you want to put down. I can help you do that. Just visit the site below and fill out the sort form on the main page."
Nelson
asked:
"for example, 30 year fixed monthly payment?How would I calculate it?I need a formula.using a cheap $5 dollar calculator with no financial functions."
Question posted courtesy of:
Days replied:
"You can't. It's just impossible. It's in computer machine language. Computer made it up."
Melody replied:
"Not quite sure if this is exactly what you are looking for, but maybe this will help you out:"
ron d replied:
"http://1stmdloans.comclick on calculator"
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Find out your monthly loan payment amount and loan amortization chart, total interest you will pay and the annual flat rate of interest.
Mortgage-Calc.com : Amortization Calculators.Amortize your mortgage payment with a complete breakdown over the period of your home loan. Calculate your mortgage payment amortization.
