Use the formula: Monthly Payment = P × [r(1 + r)^n] ÷ [(1 + r)^n – 1]
P = loan amount
r = monthly interest rate
n = total number of monthly payments
Convert the annual interest rate to a monthly rate by dividing by 12
Convert the loan term in years to months by multiplying by 12
Plug the values into the formula
Add property taxes, homeowners insurance, and mortgage insurance if needed to get the total monthly housing payment
Use an online mortgage calculator if you want a quick estimate