Anyone know of an on-line mortage calculator which will show me a monthly breakdown of amount owed?
- posted
18 years ago
Anyone know of an on-line mortage calculator which will show me a monthly breakdown of amount owed?
HTH.
Don't know, but if you use one of the ones which tell you what the monthly payment P is (given the amount borrowed A, the number of months N in the term, and the monthly interest rate f-1), then
the amount owed when there are M months of the term still remaining is
P * (1 - f^-M) / (f-1)
Better still, don't bother with finding P on-line, or even off-line, the answer is simply:
A * (1 - f^-M) / (1 - f^-N)
Notice in particular how for M=N (i.e. with the full term still to run) this works out at A, as it should, and for M=0 (i.e. at term end) it works out at 0, as it should.
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