Mortgage Payment Formulas

Have you ever wondered how your mortgage payments were calculated? ┬áThe mortgage payment formulas below will get you started on calculating your mortgage payments. The following formula is used to calculate the fixed monthly payment (Y) required to fully amortize…

Mortgage Interest Deduction Rules

According to IRS Publication 936 (2013) You can deduct home mortgage interest if all the following conditions are met. You file Form 1040 and itemize deductions on Schedule A (Form 1040). The mortgage is a secured debt on a qualified…