Calculate Approximate Monthly Mortgage Payments by Jane Herro

Need a ballpark estimate of monthly principal and interest mortgage payments on the fly? Our friends and Freedom Mortgage have a shortcut! The calculation below can be used to estimate ballpark figures with a relatively small margin of error. Here’s how to do it:

Approximate Mortgage Payment Calculation

$5 for every $1,000 borrowed (assumed rate of roughly 4%)
Example: On a loan of $500,000: 500 x $5 = $2,500 per month approximate monthly payment

These figures are not exact, but are a good way to get a ballpark monthly payment quickly.

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