How do you figure out the monthly payment of a $110,000 mortgage loan with a 5.5 Interest Rate?

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4 Comments
  1. Reply
    Dizzy_Lizzy
    April 29, 2011 at 10:49 pm

    Go to http://www.bankrate.com and use their calculator, keeping in mind it doesn’t factor in an estimation for taxes and insurance which are often included in a mortgage payment.

  2. Reply
    Jennifer F
    April 29, 2011 at 11:02 pm

    624.57 plus taxes and insurance and PMI if any

  3. Reply
    Mary Ellen R
    April 29, 2011 at 11:40 pm

    that depends on if you are going to have your bank pay the escrow or you are going to do it yourself.

  4. Reply
    lizanne404
    April 30, 2011 at 12:38 am

    This is easiest to do in EXCEL. Go to INSERT – FUNCTION. The function you are looking for is PMT. The formula will walk you through it. The only thing to remember is that when it asks for number of periods, that would be months. So if it’s a 30-year mortgage, you would use 360. Then when you enter the interest rate, you have to divide by 12 to get the monthly interest.

    The FV (future value) is -0-. You can ignore TYPE. The PV (present value) is $ 110,000 – the amount of your mortgage, but for some weird reason, you need to put it in as a negative in EXCEL.

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