Colli Real Estate

how do they calculate the mortgage payment with interest?

if the mortgage amount is $400,000 and the interest rate is 6%. the monthly payment is around $2000+ and the total interest+mortgage amount paid in 30 year is about $800,000+ which is more than double of the mortgage amount. why is that??? that means your house is worth $800,000+ which is really bad…i was just wondering how do they calculate the interest given the interest rate and mortgage amount. i mean what is the forumla?

Essentially they run a formula such that if you paid 6% interest on the outstanding balance at all times and you wanted to pay off the complete balance in 30 years; what would the mortgage payment have to be? Then they work backwards from there.

To understand the formula better than that takes higher math skills that I haven’t used in many years (and who needs to – my calculator works just fine). Here is an online calculator that computes payments for you if you are interested.

http://www.mortgage-calc.com/mortgage/simple.php

Mortgage Payment Protection Insurance

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