- Type in the interest rate on the mortgage and then press "g," then "12÷." This will record the interest rate in the calculator. ...
- Enter the years of the mortgage and then press "g," then "12X." This will record the years in the calculator.
What is the formula for mortgage calculation?
If you want to do the monthly mortgage payment calculation by hand, you'll need the monthly interest rate — just divide the annual interest rate by 12 (the number of months in a year). For example, if the annual interest rate is 4%, the monthly interest rate would be 0.33% (0.04/12 = 0.0033).Oct 28, 2021