Install Free Mortage Calculator on Website!
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Install Free Mortage Calculator on Website!
How Do You Manually Calculate a Mortgage Payment?
To calculate your mortgage payment manually, apply the interest rate (r), the principal (B) and the loan length in months (m) to this formula: P = B[(r12)(1 + r12)^m)][(1 + r12)^m - 1]. This formula takes into account the monthly compounding of interest that goes into each payment.
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