What’s the math formula that is used to calculate the monthly payment in this mortgage calculator? I would like to know this math formula so that I can plug in the following values Mortgage Am.
Equation for mortgage payments. M = P[r(1+r)^n/((1+r)^n)-1)] M = the total monthly mortgage payment. P = the principal loan amount. r = your monthly interest rate.
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Step 2: Calculate C = M – H, this is your monthly payment minus your monthly interest, so it is the amount of principal you pay for that month Step 3: Calculate Q = P – C, this is the new balance of your principal of your loan. Step 4: Set P equal to Q and go back to Step 1: You thusly loop around until the value Q (and hence P) goes to zero.
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Lenders typically use a formula to determine your minimum monthly payment. For example, your card issuer might require that you pay at least 3 percent of your outstanding balance each month, with a minimum of $25 (whichever is more).
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