Which three items are necessary to calculate the mortgage payment?

To determine the mortgage payment, it is essential to know the remaining balance, interest rate, and remaining term of the loan.

The remaining balance signifies the amount still owed on the mortgage, which is crucial for calculating how much interest will be charged. The interest rate directly affects the total amount of interest paid over the life of the loan and determines the monthly interest cost. Finally, the remaining term (the amount of time left to repay the loan) dictates how those payments will be structured over the months or years remaining.

With these three pieces of information, a lender can accurately calculate the monthly mortgage payment using standard formulas, which typically involve amortization calculations. This combination allows for understanding how the loan will be paid off over its duration while considering both principal and interest components.

In contrast, the other choices include items that do not collectively provide a complete picture needed for accurate payment calculations, such as down payments and loan types, which do not directly influence the monthly payment structure after the loan is established.