What steps to get the principle of a 30 year loan at 5.5%?

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asked Jun 13, 2022 34.2k views

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Deniss Fedotovs · Answer 1 · 2022-06-18T08:23:07+0000

Multiply 30 -- the number of years of the loan -- by the number of payments you make each year. For example, 30 X 12 = 360. You are making 360 payments over the course of the loan. Divide your mortgage interest rate by your total payments.

What steps to get the principle of a 30 year loan at 5.5%?

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