What is the equation to determine a mortgage payment?

Answer The equation to determine a mortgage payment is P * (R + R / ((1 + R)^N -1 )) where P is the amount you borrowed, R is the monthly interest rate expressed as a decimal and N is the number of month... Read More »

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Who discovered the formula to determine the monthly payment for a mortgage?

Monthly mortgage payments are calculated by working backwards from the total amount loaned, the length of the loan and the interest rate. This specific procedure was not invented by anyone, but the... Read More »

What is a mortgage payment holiday?

A mortgage payment holiday is an agreement between a bank and a mortgage holder to temporarily suspend monthly mortgage payments. The suspension may be for one month or for a longer period. Inter... Read More »

What is the average mortgage payment in the USA?

According to the National Association of Realtors, the average monthly mortgage principal and interest payment is $778 as of May 2010. The monthly mortgage payment constitutes 15.4 percent of your ... Read More »

What is mortgage payment protection?

Mortgage payment protection, also referred to as mortgage insurance, is the form of insurance that protects a co-purchaser from bearing the entire weight of a mortgage if the other co-purchaser bec... Read More »