Use the multifamily mortgage calculator to determine your monthly mortgage payment based on various parameters such as loan amount, interest rate, and loan term.
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Mortgage Payment Calculation Formula
The following formula is used to calculate the monthly mortgage payment.
Monthly Payment = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1}
Variables:
- P is the loan amount ($)
- r is the monthly interest rate (decimal)
- n is the number of monthly payments (loan term in months)
To calculate the monthly payment, plug the values of the loan amount, monthly interest rate, and the number of monthly payments into the formula.