If you take out a $120,000 home loan (mortgage) using a 30-year loan (on which you pay monthly) at 4.85% APR, how much is each of your monthly payments? (That is, what amount do you write on the monthly checks?) If you take out a $120,000 home loan (mortgage) using a 30-year loan (on which you pay monthly) at 4.85% APR, how much is each of your monthly payments? (That is, what amount do you write on the monthly checks?)