Ever wanted to know how to calculate your monthly payment? Well, Dan Green has provided four great formulas for calculating things like principal and interest payments, or how much you’ve paid in interest in a given month or year. You can see his whole post here, but I’ve put a quick screenshot of the principal and interest formula below.
Remember that the resulting number only calculates principal and interest, and that it doesn’t take into account taxes or insurance, or auxiliary fees like HOA fees. To determine taxes and insurance, take whatever those amounts are and divide by 12, and add that to the resulting number. That’s it!
Thanks, Dan, for posting these.