what would the monthly payment be on a $115,000 home with a 4.4 percent annual interest?
That depends upon the size of the mortgage and the number of years in which you've agreed to pay it off.
I did one very much like this earlier today.
You need the number of years of course.
periods = years * 12
HERE IS ONE LIKE THIS
NOT THE SAME
the patel family recently purchased a home taking out a mortage of $235,000 at 8% for 25 years excluding taxes and insurance what is the monthlt piti payment for their loan
finance - Damon, Thursday, January 26, 2012 at 3:12pm
pmt = PV [ r/{1 - (1+r)^-n} ]
r = .08/12 = .0066666
n = 25*12 = 300
1+r = 1.0066666
(1+r)^-300 = .13624
+1 = 1.13624
.0066666/1.1364 = .005867
* 235000 = $1,378.82 per month
To calculate the monthly payment on a home loan, you can use a formula called the mortgage payment calculation. The formula takes into account the loan amount, interest rate, and loan term.
Here's how to calculate the monthly payment on a $115,000 home with a 4.4 percent annual interest rate:
Step 1: Convert the annual interest rate to a monthly interest rate by dividing it by 12. In this case, divide 4.4 by 100 and then by 12 to get 0.00367.
Step 2: Convert the loan term to months. Assuming a 30-year mortgage, multiply 30 by 12 to get 360 months.
Step 3: Use the formula:
Monthly Payment = P * (r * (1 + r)^n) / ((1 + r)^n - 1)
where P is the loan amount, r is the monthly interest rate, and n is the loan term in months.
Plugging in the values from our example:
P = $115,000
r = 0.00367
n = 360
Monthly Payment = 115,000 * (0.00367 * (1 + 0.00367)^360) / ((1 + 0.00367)^360 - 1)
By simplifying this equation, the monthly payment is calculated to be approximately $573.41.
So, the monthly payment on a $115,000 home with a 4.4 percent annual interest rate would be around $573.41.