FHA Home Mortgage Loan Interest Rates

5 Responses to “can someone explain to me a simple formula to find a monthly mortgage payment?”

1. mbrcatz says:

   January 19, 2010 at 11:54 am

   There are online calculators, but basically, it’s going to be about 1% of the amount you borrow.
2. Tony says:

   January 19, 2010 at 12:40 pm

   Your mortgage payment will differ slightly than the simple interest formulas that are out there. Your mortgage payment will most likely include principal, interest, taxes, MIP (mortgage insurance premium).

   If you gather the amount of taxes due or paid on the residence in the past year, that’s how much you’ll need to have in escrow. Also, calculate 1 to 1.25% of your principal in MIP. Add all of this plus principal and interest and you have your monthly mortgage payment.

   Sounds like a lot doesn’t it?

   Excellent luck!
3. Judy says:

   January 19, 2010 at 1:16 pm

   Here’s a better deal than a formula – google “mortgage calculator” or go to http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx and key in the info – then you can use it for any amount, any rate, and it’ll do the math for you
4. North Shore MA Agent says:

   January 19, 2010 at 1:38 pm

   Google “Mortgage Calculator”
5. real estate guy says:

   January 19, 2010 at 2:26 pm

   if you have a factor chart http://www.harpfinancial.com/AmortizationChart.htm

   you can figure out any principle/interest payment.

   formula:

   126,900*96.5% loan = 122,460 loan (assuming a 3.5% downpayment)

   loan amount/1000 * factor = payment

   122,460/1000 = 122.46*5.68 = 695.57 a month

   PLUS you would need to add the taxes and fire insurance each month
   PLUS you will also have MI insurance.

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