Mortgage Payment Table
Definition of "Mortgage payment table"
Tables used to compute the monthly mortgage payment that consists of principal repayment and interest. A loan amortization type of formula is used. The tables have monthly payments for any combination of loan size, interest rate, and term. Table 6 ( Monthly Mortgage Payments ) of the Appendix gives selected combinations for $1,000 fixed-rate loans. Example: Christine wants to know the monthly mortgage payment on a $95,000, 10%, 30-year mortgage. Using Table 6, she needs to follow three steps:
Step 1: Divide the amount of the loan by $1,000 ( that is, $95,000/$1,000=95).
Step 2: Find the payment factor for a specific interest rate and loan maturity. The Table 6 payment factor for 10% and 30 years is 8.78.
Step 3: Multiply the factor obtained in Step 2 by the amount from Step 1. $8.78*95=$834.10.
The monthly mortgage payment is $834.10.
Popular Real Estate Terms
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Older property is bought usually by a governmental agency to be modernized and improved. In many cases, the deteriorating property is torn down and a new structure built. An example is ...
A landowner may not divert or redirect a natural occurring waterway from his or her property causing damages to another property. Waterway is normally construed to mean streams and rivers ...
Detailed financial accounting of all the credits and debits for the buyer and seller upon consummation of a real estate sale. ...
Reduction in taxes payable to the IRS or local government. A tax credit is more beneficial to the taxpayer than an itemized deduction because it reduces taxes on a dollar-for-dollar basis. ...
person's behavior partly genetic and partly learned through experience over time. Some people have good personal traits while others have poor ones. ...
Value of a company's or person's name and reputation, As a result, the business will have a competitive edge, and generate better-than-typical future earnings. ...
Horizontal supports for the ceiling of a structure. ...
The definition of the price-to-rent ratio is very important for real estate investors. This ratio is a measurement for the affordability of a particular rental property and tells investors ...
Have a question or comment?
We're here to help.