Colli Real Estate

what is the formula for finding payments on a mortgage?

I am trying to find the monthly payments on a 15 year fixed mortgage. the interest rate is 5.65% and the principal is $60,000. I really need the formula to find this becuse I am going to change the years and rate to find a payment i can make.

Here use this link yahoo offers it.. you can plug the information in and it will give you the payment automatically. You can play with the rate, or the terms (# of months).. Don’t forget when you are planning on figuring out your monthly payment to add your monthly taxes and insurance to it, they can be big expenses.

http://realestate.yahoo.com/calculators/payment.html

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