Mortgage Calculator Idaho

How the Mortgage Calculator Idaho works

Formula. Monthly payment M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the annual rate divided by 12, and n is years × 12. This is the same formula as the Wells Fargo mortgage page.

Example. A $200,000 loan at 6% for 30 years has r = 0.005 and n = 360, so the monthly payment is $1,199.10 and the interest over 360 payments is $231,676.38.

Limitation. Nothing in the formula is specific to Idaho taxes, insurance, or loan programs. It is a standard fixed-rate amortization.