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

Answer 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 »

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What is the formula used to determine monthly payments for a 30-year mortgage?

The formula for determining monthly payments on a 30-year mortgage is M*A/(1-(1+M)^-360) where M is the monthly interest rate expressed as a decimal, A equals the amount you borrowed. "360" is used... Read More »

How do I lower my monthly mortgage payment?

If your mortgage payments have become a financial burden because you've lost your job or suffered a reduction in your annual income, you're far from alone. According to data from, 2.... Read More »

How do I calculate for a monthly mortgage payment?

Interest-only LoanDetermining the type of loan is critical in calculating the payment. Calculating Interest-only loans (loans that do not require payment of principle) requires simple math. Take th... Read More »

What Is an Average Monthly Mortgage Payment?

An average monthly mortgage payment comprises the principal payment on the loan (the money borrowed) plus the interest (the cost of borrowing). According to estimates by the U.S. Census Bureau, the... Read More »