Calculate P&I?
How to calculate the monthly P&I for a homeloan using the values of loan amount,rate and term values? What equations are used for the calculation?This is for US mortgage loans.
You can either use a financial calculator or the function key in excel. Enter the following:
Rate – x%/12….to get the monthly rate
Term – no of years X 12….to get monthly
PV – Refers to the amount you pay today and is always a negative number…so enter the loan amount with a negative sign
FV – refers to the value at the end of the term which in the case of a loan will be Zero so enter zero.
Hit calculate and this will give you the monthly P&I to get annual, just multiply by 12
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