Anyone know of an on-line mortage calculator which will show me a monthly breakdown of amount owed?
mortage calc
Jan 10, 2006
4 Replies
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Follow the "Mortgage" link on the left of the page. Once you've done the calculation (and seen an overview) you can click on the "more details" button (or something like that) to see a monthly breakdown.
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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Works very well indeed.
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Works really well and a friendly service
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