Calculator Interest Mortgage Payment

Q: Will somebody please email me a formula (so I can make a spreadsheet) to calculate what a mortgage payment would be? Obviously the variables are Principle, Interest per year, Frequency of Payments (Monthly), # of years. I am not interested in a table, I am interested in the formula that will derive the monthly payment.

A: calculate what a mortgage payment would be? Obviously the variables are Principle, Interest per year, Frequency of Payments (Monthly), # of years. I am not interested in a table, I am interested in the formula that will derive the monthly payment. Thanks for your help. >> Most banks use the following formula to determine borrower qualifications: 28% of your gross monthly income allowed for principal, interest, 1/12th of annual

Casualty Insurance premium and 1/12th of the annual real estate taxes. Up to an additional 8% of gross monthly income to cover debts over and above the mortgage payments (principal,interest,taxes, insurance). If you subtract the 1/12th of estimated monthly taxes and insurance premiums from the 28% calculation, you will have the net monthly dollar amount of mortgage payments available to you based on your income. Depending on the interest rate, you have to go to a mortgage chart , find the net payment amount for the number of years you want the mortgage for and go across to the left of that column and it will tell you in thousands of dollars the total amount you can borrow. .