- 1). Gather the necessary information. You need to know the principle balance of the loan, the loan's interest rate and the length of the loan expressed in years. If you want to factor in additional expenses, such as origination fees and closing costs, gather this information, as well. However, this supplementary data is not required.
- 2). Access the mortgage calculator linked in the Resource section below. The "Payment Per Thousand Calculator" web page appears.
- 3). Enter the information gathered in Step 1 into the appropriate text fields in the calculator. Enter zeros into any text fields that you are not using.
- 4). Click on "Calculate." Your mortgage costs are automatically displayed on the screen. The cost per thousand is provided in three formats: monthly payment per thousand, yearly payment per thousand and lifetime payment per thousand.
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