# Mortgage Payment Calculator

Instructions: Compute the required monthly mortgage payment, by indicating the total loan amount, the nominal annual interest rate ($$r$$), and the number of years to repay the loan ($$n$$). You will be shown step-by-steps calculations as well as a full amortization schedule:

Loan Amount =
Annual Interest Rate $$(r)$$ =
Number of years $$(n)$$ =

#### Mortgage Payment Calculator

More about the this monthly mortgage payment calculator so you can better understand how to use this solver: The monthly payment that needs to be made in order to repay loan of $$\L$$, with a rate of $$r$$ in $$n$$ years is computed using the following formula:

$P = \displaystyle \frac{\frac{r}{12} L \left(1 + \frac{r}{12} \right)^{N} }{ \left(1 + \frac{r}{12} \right)^{N} -1 }$

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