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Author Topic: Mortgage repayment formula  (Read 1340 times)

  • Offline Sam

  • Posts: 3,943
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Mortgage repayment formula
on: May 02, 2006, 15:54:56 PM
Does anyone know how to calculate the mortgage repayments given the principle, interest rate and term ?

I need the actual formula not a link to an online mortgage calculator.
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  • Offline Dave

  • Posts: 3,467
  • Hero Member
Re:Mortgage repayment formula
Reply #1 on: May 02, 2006, 17:44:46 PM
Surely it depends on the mortgage but Dr math might have the answer you are looking for:

http://mathforum.org/library/drmath/view/54623.html

Quote

P = Lr(1+r/1200)^n/[1200{(1+r/1200)^n - 1}]


where

P = repayment
L = Loan
r = interest rate
n = number of months

also try this link

http://www.mortgagesexposed.com/Book_Contents/Other_Formula.htm
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  • Offline ERU

  • Posts: 825
  • Hero Member
Re:Mortgage repayment formula
Reply #2 on: May 02, 2006, 18:33:06 PM
Failing that im sure i saw it on moneysavingexpert.com once.
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Mortgage repayment formula
Reply #3 on: May 02, 2006, 19:44:15 PM
tut tut tut sam didnt you do that at A-level ? lazy slacker :p

I did, I can;t remember it, but I did do it, daves thing looks right to me ;)
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