Mortgage Rate

Paully232000

http://houseprices.landregistry.gov.uk/

I always use this to find out what similar houses sold for, in conjunction with zoopla, for a very rough estimate, and rightmove sold prices as it gives pictures etc in some cases so you can compare what your house looks like to the sold ones.

garcon6

how do you workout monthly mortgage payments can someone please give me a formula.

amnblog

There is not a simple formula.

Many websites, including my firm's main site have online calculators.

Paully232000

https://forums.moneysavingexpert.com/discussion/1157173

I wouldnt know where to start with a formula, but have a look at the thread above and download the mortgage spreadsheet calculator on the first post.

Will give you all the info you could possibly need. Im sure if you know the inner workings of excel you could probably see the formulas used too.

TrickyDicky101

amnblog wrote: »

There is not a simple formula.

Many websites, including my firm's main site have online calculators.

The formula used to initially determine the monthly payment is actually pretty straightforward being that used to determine an annuity payment. This is what the online calculators use.

For instance, using the calculator on this site at

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

With a debt of £100k and term of 25 years at an annual rate of 5% produces a monthly payment of £585.

This is derived from the annuity formula of:

Monthly Payment = Initial Loan * Periodic Rate / (1 - (1 + Periodic Rate) ^ - No. Repayments)

Initial Loan is the £100k
Periodic Rate is the annualised nominal of 5% divided by 12 as it is compounded and paid monthly
No. Repayments is 25 years times 12 monthly payments = 300 payments

Hence the calculation for the above is:

=100,000 * (5%/12) / (1 - (1 + 5%/12) ^ -300)

= £584.59

Incidentally, this is the same formula that the Excel PMT function uses:

=PMT(5%/12,25*12,-100000)
=£584.59

audigex

garcon6 wrote: »

how do you workout monthly mortgage payments can someone please give me a formula.

There's one here on MSE, but I find Google's to be the quickest for just getting the monthly payment

http://goo.gl/J0KOrD

Put your mortgage size in the first box, ignore the property value box (it makes no difference) and enter your interest rate and repayment period. It works the monthly payment out for you