Real Estate & Mortgages
Intermediate

Mortgage Monthly Payment (EMI)

Fixed monthly repayment on a mortgage.

Formula

M=Pr(1+r)n(1+r)n−1M = P\frac{r(1+r)^n}{(1+r)^n - 1}

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Variables

MMonthly payment
PPrincipal
rMonthly interest rate
nNumber of months

Example

P=$300k, r=0.005, n=360: M ≈ $1,798

Did You Know?

Early mortgage payments are almost all interest — principal only overtakes interest years into the loan.

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