The basic calculation for a house payment is to multiply the annual interest rate times the loan times the number of months of the mortgage. For example, 5 percent -- interest rate -- times $250,000 -- mortgage amount-- times 360 -- 30 year mortgage -- equals $450,000. Divide that by 360 for the monthly payment of principle and interest of $1,250. This gives you a pretty close approximation. The bank will calculate the interest based on each month. In other words the 5 percent annual interest rate is .41 percent on a monthly basis. Divide the taxes for the year and the private mortgage insurance -- PMI by 12 and add to the monthly payment.
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