How to Calculate Monthly Mortgage Payments

Video Transcript

"Hi, I'm going to calculate mortgage payments on a loan. My name's Adriel Torres, and I'm the owner of ultimatecredittoday.com. To calculate the mortgage payment on a loan you have to have three numbers, the rate, the amortization which means thirty years. For the most part that's how long the amortization is on most mortgages now days. And you have to have the loan amount. Once you have those three items, those three numbers, you can plug them in to a mortgage calculator which you'll find thousands on line. Just go to your search engine and type in mortgage calculator and those are the three numbers you're going to need. You plug them in accordingly, and then the mortgage calculator will give you a payment. But please don't forget to add your taxes and your insurance on top of that mortgage payment because ultimately you're responsible for those as well. Just because you pay your mortgage payment you don't have an escrow which means that you're paying your taxes and insurance along with mortgage, they're still due. So please make sure that you also calculate that in to your mortgage payment. And that's how to calculate a mortgage payment. Thank you very much. My name's Adriel Torres. I'm the owner of ultimatecredittoday.com."