Question
I am trying to do the math and figure out a monthly loan payment . I want to be a loan officer I would like to know formula, do the math . Without a mortgage calculator.
I am trying to do the math and figure out a monthly loan payment . I want to be a loan officer I would like to know formula, do the math . Without a mortgage calculator.
Answer
You will need to have a mortgage calculator. You can find them on-line. Realtor.com has one you can use. It may also have tax information. Take the loan amount, the interest rate and the term (number of months or years) and enter them into the mortgage calculator and hit total. Don't forget to include the home owners insurance (.35% of the sales price divided by 12 for the monthly payment) and the taxes. You will need to check your local area for the tax rate.
You will need to have a mortgage calculator. You can find them on-line. Realtor.com has one you can use. It may also have tax information. Take the loan amount, the interest rate and the term (number of months or years) and enter them into the mortgage calculator and hit total. Don't forget to include the home owners insurance (.35% of the sales price divided by 12 for the monthly payment) and the taxes. You will need to check your local area for the tax rate.
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