How to Calculate Principal & Interest on a Mortgage

how to calculate mortgage payment

by Grant D. McKenzie

A mortgage amortization table shows you how much interest and principal goes into each payment.

Determine the number of payments over the life of the loan by multiplying the term, which is most often given in years, by the payment frequency, in payments per year. For example, a monthly payment plan has 12 payments per year. For a 30-year mortgage, a monthly payment plan yields 360 payments.

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