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 total months by multiplying by 12
Substitute P, r, and n into the formula
Calculate the monthly payment amount
Add property taxes, homeowners insurance, and PMI if you want the total monthly housing payment