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General Accounting Discussions: How to calculate monthly payments?

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    Hi! I know nuts about accounting. That's why I'm posting this question for accounting gurus.

    Suppose I take a $500,000 housing loan. The loan is for 30 years and the interest rate is 6% per year. How much money do I have to pay the bank per month? I took $500,000 X 1.06 / 360 = $1472.22 but I think it's wrong.

    Please help. Thanks.
    • CommentAuthormacc2101
    • CommentTimeJun 20th 2007
     
    Yes, you have some more things to enter. For example you will need to know your property taxes and hazard insurance if you want to get to the nitty gritty. Also, did you put any money down. that will need to be figured. Do you have a mortgage agent. Most agents would help you just be calling. Try that as well. You need an amortization chart and a lot of mortgage sites, or just calculation sites can offer that for free. Try www.capedfcu.org

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