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 Much Should My Monthly Mortgage Payment Be?

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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 »

How much is an average monthly mortgage payment?

In 2009 the average monthly mortgage rate for a 30-year fixed loan was about $1,500. For a 15-year fixed loan, the monthly rate was around $2,000. These payments reflect a home that runs in the $20... Read More »