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Estimate monthly mortgage payments and see exactly how the number is calculated.
How This Is Calculated
1) Loan Amount = Home Price - Down Payment = $550,000 - $110,000 = $440,000
2) Monthly Rate (r) = Annual Rate / 12 / 100 = 4.9% / 12 / 100 = 0.004083
3) Number Of Payments (n) = Years x 12 = 25 x 12 = 300
4) Mortgage Payment = P x (r x (1+r)^n) / ((1+r)^n - 1)
5) Total Monthly = Mortgage + Property Tax / 12 + Monthly Fees = $2,547 + $300 + $0 = $2,847