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Mortgage payment calculator

Real estate exam math, worked through clearly.

Loan principal ($)

Annual interest (%)

Loan term (years)

Result

$1,438.92 / month (principal + interest)

Formula

M = P × r ÷ [1 − (1 + r)^−n]; r = annual rate ÷ 12; n = months

Worked exam example

$240,000 at 6% for 30 years gives $1,438.92 monthly principal and interest. Add monthly property taxes and insurance for PITI; HOA and mortgage insurance are separate.

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Educational calculations, not financial or legal advice.