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How do you calculate what your mortgage payment will be without using a mortgage calculator?

Can somone show me how to calculate a mortgage payment like for example what is the monthly payment on a $200,000 mortgage at 6% interest over 25 years? Can somone show me how to calculate a mortgage payment like for example what is the monthly payment on a $200,000 mortgage at 6% interest over 25 years? I need to know how to do the mathematical calculations, don't just give me the anwser.

Public Comments

1. 1288.60
2. I'm not exactly sure off the top of my head without using a mortgage calculator but, someone has told me to just say 1% will be your mortgage payment. So with $200,000 mortgage i would estimate your payment to be 2000/mth.
3. With mortgages, we want to find the monthly payment required to totally pay down a borrowed principal over the course a number of payments.The standard mortgage formula is: M = P [ i(1 + i)n ] / [ (1 + i)n - 1] Where M is the monthly payment. i = r/12. The same formula can be expressed many different way, but this one avoids using negative exponentials which confuse some calculators.
4. 1288.60 but that doesn't include taxes or insurance. This is just P&I. Also take in account if you have HOA dues.
5. Easiest way to do that is to take the purchase price of the house and divide it by 100. The figure will be very close to your mortgage amount including property tax and insurance if you were paying roughly 9% interest. It's good to figure it this way too, because then you've estimated on the high end, so you know it will be less than that. If you're getting a 5% interest, than divide your figure by 50.
6. Hi NeedInfo06, Microsoft Excel has an amortization table template that you can use. If you do not have in your computer, go to Microsoft's website. Type amortization table in the search bar. Download it from there.
7. monthly payment = interest portion + principal portion m1=12 in us the interest is compounded monthly (in canada m1=2, interest is compounded semi-annual) m2=12 payment every month YR=25 %int=6 percent annual interest n= m2 * YR = 12 * 25 = 300 int=%int / 100 / m1 = 6 / 100 / 12 = 0.005 INT = (1 + int) ^ (m1 / m2) -1 INT = (1 +0.005) ^ (12 /12) -1 = 0.005 PV = loan = 200,000 F1 = interest portion of mortg F1 = PV * INT = 200,000 * 0.005 = 1000 F2 = equal monthly payment factor F2 = 1 - [1 + INT] ^ [ - n ] F2 = 1 - [1 + 0.005] ^ [ - 300 ] F2 = 0.77603432 PMT = monthly payment = F1 / F2 = 1000 / 0.77603432 PMT = 1288.60