You will need a few pieces of information. The price of the home and the amount of the down payment. You will also need to know the interest rate and the term of the mortgage. To figure your mortgage payment, start by converting your annual interest rate to a monthly interest rate by dividing by 12. Next, add 1 to the monthly rate. Third, multiply the number of years in the term of the mortgage by 12 to calculate the number of monthly payments youll make. Fourth, raise the result of 1 plus the monthly rate to the negative power of the number of monthly payments youll make. Fifth, subtract that result from 1. Sixth, divide the monthly rate by the result. Last, multiple the result by the amount you want to borrow.

To figure your mortgage payment follow these steps:

1. Start by converting your annual interest rate to a monthly interest rate by dividing by 12.

2. Next, add 1 to the monthly rate.

3. Multiply the number of years in the term of the mortgage by 12 to calculate the number of monthly payments youll make.

4. Raise the result of step 2 to the negative power of the number of monthly payments youll make.

5. Subtract that result from 1.

6. Divide the monthly rate by the result from step 5.

7. Multiply the result by the amount you want to borrow.

In addition, you will add on PMI of 1% of the amount borrowed/12 if the down payment is less than 20% of the price of the home. This will stay the same for the life of the loan.

To give a sample for you to test your program, a mortgage of 100,000 at an interest rate of 5% with no down payment, the payment would be 536.82 plus PMI.

1. 0.004166667

2. 1.004166667

3. 360

4. 0.2238265956

5. 0.7762

6. 0.00536822

7. 536.82

Add PMI since there is no down payment:

1. 1% * 100000 = 1000

2. 1000 / 12 = 83.33

3. 536.82 + 83.33 = 620.15