Term: House Payment
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The Quick Formula to Determine Your House Payment

By Steven Shaw on 6/27/2013

The Quick Formula to Determine Your House Payment

As you shop for a house and consider taking out a mortgage, determining your house payment can no doubt be a time-consuming process — running calculations, getting updated payment scenarios from your mortgage company, and determining whether or not you can qualify. What you might not realize is that there’s an easier way to calculate a house payment using simple math. Being able to quickly assess the house payment is crucial for key decision-making.

First, though, here are some terms you need to understand in order to do the calculations:

Home Loan
House Payment
Mortgage