As a result, you’ll get a clearer picture of your monthly payment amount. This formula only tells you what you’ll owe to pay off principal (your mortgage balance) and interest. Make sure you ...

These ratios reflect how much of your gross monthly income goes toward your mortgage payment and other debt costs, and they're an important factor in determining whether you qualify for a loan ...

But that formula may have some flaws ... of $398,400 and apply a 20% down payment along with a 6.67% rate on a 30-year mortgage, we get a monthly mortgage payment of $2,050 for principal and interest.

Your mortgage amortization schedule will show how your monthly payments will be split ... Your loan’s amortization schedule uses a formula to determine how much you pay in principal and interest.