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Old 09-07-2008, 07:48 AM
 
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What is the general formula for a mortgage. Example, I have a 950.00 note on a 120k house. How much less would I pay for the same motgae on a 80 k house? Is it something like every 20k less would lower the mortgage by 100 dollars?/month? So would the 80k house be 750?Thanks.
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Old 09-07-2008, 10:09 AM
 
Location: Richardson, TX
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Try googling "mortgage amortization calculators."

You can put in all the different loan amounts you like and compare their monthly payments.
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Old 09-07-2008, 08:16 PM
 
Location: Apple Valley Calif
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This is my favorite..
AMORTIZATION TABLE
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Old 09-08-2008, 05:06 AM
 
1,315 posts, read 3,062,191 times
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Donn, this worked great, thanks!
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Old 09-08-2008, 03:19 PM
 
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Principal + Interest Payment only depends on 3 factors: interest rate, number of payments, loan balance. If you have MS Excel, use the following function

=-pmt(APR/12, number of months, loan amount)

For example, payment for 30-yr 6% loan of $100,000 will be

=-pmt(0.06/12, 30*12, 100000) = $599.55
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