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.

Scenario:

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?

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

    http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx?ec_id=m1080672

    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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