Backwards mortgage calculation?
There are several sites on the Internet that let you input your mortgage value, interest rate and number of years, then tell you what your monthly payment will be. Like these:
http://www.moneychimp.com/articles/finworks/fmmortgage.htm
http://news.bbc.co.uk/1/hi/business/7042204.stm
However I’m trying to do the calculation the opposite way round- I want to input my monthly payment, interest rate and number of years, and get told what house value I can afford to get.
Is there any site on the internet that does this calculation for you, or even better can somebody explain the formula to do that?
Thanks
Just do it the standard way and reduce or increase the mortgage until you get the house payment you want. It shouldn’t take more than 5 or 6 tries.
Current Mortgage Market what are the options?
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