## What is the formula for calculating a mortgage payment?

M is your monthly payment.P is your principal.r is your monthly interest rate, calculated by dividing your annual interest rate by 12.n is your number of payments (the number of months you will be paying the loan)

## Can I buy a house with no money down?

The primary way to get a mortgage with no down payment is with a government-backed loan. These loans are insured by the federal government, meaning the lender does not have to take on all of the risk if there is a default that leads to foreclosure. This encourages the lender to provide you with more favorable loan terms.

## How much down payment do you need to buy a home?

Traditionally, you needed to have a down payment of between 10% and 20% of your home costs saved up before you purchased a home. Mortgage lenders tried to protect themselves by having those standards, because it indicated that you likely would be more responsible with their money.

## How do you estimate a mortgage loan?

Save this loan estimate to compare to your closing disclosure. These words are italicized in the upper right-hand corner of the first page of your loan estimate. …Date issued. You must receive a loan estimate within three business days of completing a loan application. …Loan term. …Product. …Loan type. …Loan terms. …Costs at closing. …