How do I calculate monthly mortgages for a 30 year home loan?

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Im looking at a chart, but really confused. My confusion is determining how much my monthly morgage totals out to.


30 yr term with fixed interest rate of 5 percent.
Home value $ 200,000
Down payment $ 40,000 (20%)
Loan amount $ 160,000

My agent came up with these number:
Total monthly payment (principal,interest, etc): $ 925.58
Total payments over 30 years: $ 333,209.25

My question is how do I do the calculations to come up with the total monthly payment and total payments over 30 yrs based on the info provided above?

  1. Reply
    Beatle Band Aid
    April 30, 2011 at 1:19 am

    You can use this calculator…you need to have the interest rate to calculate it.

  2. Reply
    the kid
    April 30, 2011 at 1:30 am

    Keep in mind that is principal and interest only. You’ll also be paying property taxes and insurance as part of that loan.

    There are a million and 1 online calculators to do it for you. CNNMoney has a good one.

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