Question:

How to compute mortgage payments?

Answer:

Borrowers should be able to know how to compute mortgage payments, as part of managing their personal finances.

Basically, you need the loan amount, number of years and interest to compute the principal and interest of your monthly mortgage payment. Property taxes and homeowners insurance will vary and usually can't always be computed precisely before closing.

Your lender may provide you in writing your monthly principal and interest, if asked. However, using one of the many mortgage calculators would help you get a pretty good idea about how much your mortgage payment will be for different loan amounts and rates.

For example, a fixed rate mortgage loan of $150,000 at 5.75% for 30 years will result in $ 875.36 monthly principal and interest payment.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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