Mortgage calculators are used all the time. You don't have to search very long on the Internet before finding a dozen mortgage calculators. These calculators are nice because you just need to put in the total amount of the loan and the interest rate and the calculator will automatically figure out the total mortgage payment. Although these calculators are extremely effective, you may not always have access to one.

In case you don't have access to a mortgage calculator, it is helpful to be able to calculate mortgage payments. The formula for calculating a standard mortgage is:

M=P[i(1+i)n]/[(1+i)n-1]

where M is the mortgage payment, n is the total number of payments and i=r/12.

In order to solve the entire equation, we must first solve for i. From there, it is simple math.

Let's look at a basic scenario to solve the equation. For instance, let's figure out the mortgage payment for a 30-year mortgage on 100,000 at 5% interest.

We will first need to solve i=r/12.

i=.05/12=.004167

n=360

Then, we look at the first half of the equation. Let's solve for (i+1)n. This number yields (1.00467)360 which equals 5.351. The second half of the equation is [(1+in)-1] which equals 4.351.

Our equation now reads M=P[i(5.351)]/[(4.351)].

We multiply i by 5.351 to get 0.0250. Lastly, we divide 0.0250 by 4.351 to get M. M=0.005745. In order to get the total mortgage payment amount, you must multiply this number by $100,000. In this scenario, the mortgage payment would be $574.58.

Calclulating mortgage payments without an actual mortgage calculator is quite simple. All you need is this basic equation and simple math skills to figure out the payment you'll have on your VA loan.

Fun Stuff!