Follow these steps to use the Forbes Advisor mortgage calculator: The formula behind paying down ... much you can afford by using our very own home affordability calculator. A mortgage term ...

For example, with mortgages, suppose you purchase a $350,000 home and put ... interest rate. The formula to calculate the principal and interest on a simple interest loan is SI = P * R * T whereby ...

Here's the standard formula to calculate your monthly mortgage payment by hand ... compares how monthly payments and total interest differ for a home price of $312,500, a down payment of $62,500 ...

Once you have the monthly interest rate and the total number of payments, you can plug them in along with the home loan amount (P) into the formula to calculate the estimated monthly mortgage payment.