Use the formula: Monthly Payment = P × [r(1 + r)^n] / [(1 + r)^n – 1]
P = loan principal amount
r = monthly interest rate
n = total number of monthly payments
Convert annual interest rate to monthly rate by dividing by 12
Convert loan term in years to months by multiplying by 12
Substitute P, r, and n into the formula
Calculate the monthly mortgage payment
Add property taxes, homeowners insurance, and mortgage insurance if needed to get the total monthly housing cost