- 1). Consult your most recent mortgage statement or contact your mortgage lender to determine the current balance of your loan.
- 2). Divide the annual interest rate expressed as a percentage by 1,200 to compute the monthly interest rate expressed as a percentage. For example, if your annual interest rate equals 6.264 percent, you would divide 6.264 by 1,200 to find the monthly interest rate to be 0.00522.
- 3). Multiply the balance of your mortgage by your monthly interest rate expressed as a decimal to calculate the interest paid per mortgage payment. Finishing the example, if you owe $230,000 on your mortgage, you would multiply $230,000 by 0.00522 to find the interest for that period equals $1,200.60.
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