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Frequently Asked Questions
Loan CalculationsPV is the loan amountPMT is the monthly paymenti is the interest rate per month in decimal form (interest rate percentage divided by 12)n is the number of months (term of the loan in months)Can I use home equity loan to pay off mortgage?
No Restrictions for Use of Funds – A home equity loan does not have restrictions on how the money can be used. This means the funds can be used to pay off part or all the mortgage, to pay off other types of debt, to improve the home, and more. Like any financial product, there are some cons to using a home equity loan to pay off the mortgage.How do I calculate home mortgage payments?
To calculate that payment:Determine how many months or payments are left.Create a new amortization schedule for the length of time remaining (see how to do that ).Use the outstanding loan balance as the new loan amount.Enter the new (or future) interest rate.How to calculate monthly mortgage payments on a home?
Calculate monthly mortgage payment with formula. To calculate monthly mortgage payment, you need to list some information and data as below screenshot shown: Then in the cell next to Payment per month ($), B5 for instance, enter this formula =PMT (B2/B4,B5,B1,0), press Enter key, the monthly mortgage payments has been displayed. See screenshot: