Sep-4-2008
What Formula do I use to find the monthly payments on a loan?
First off, I do NOT want a loan calculator.
I have a loan for a $250,000 house with 20% down (so $200,000 total now). Over a fixed rate of 5.25% for 30 years, I should come up to monthly payments around $1,104 a month.
But when I try to do it by hand, I do not get this answer, or anything close to this answer.
So can you help me?
It’s a complex formula. I can’t type it here because it won’t format, click the link if you really want to know how to do it.
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