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