Enter your land price, loan term, and interest rate into the calculator to determine your mortgage payment.

• Oday Tank Calculator
• Fred Burrows Calculator
• Electrical Code Calculations Level 1 Lesson 2

Mortgage Calculation Formula

The following formula is used to calculate the monthly mortgage payment from your land price.

Monthly Payment = (Land Price * Interest Rate) / (1 - (1 + Interest Rate) ^ -NumberOfPayments)

Variables:

• Monthly Payment is the amount you pay monthly for the mortgage ($)
• Land Price is the total cost of the land ($)
• Interest Rate is the annual interest rate divided by 12 (as a decimal)
• NumberOfPayments is the total number of payments (loan term in years * 12)

To calculate the monthly payment, divide the land price by the interest rate, and multiply the result by the interest rate divided by one minus one plus the interest rate raised to the negative power of the number of payments.