Have you ever wondered how your mortgage payments were calculated? The mortgage payment formulas below will get you started on calculating your mortgage payments.
|Y = L[c(1 + c)n]/[(1 + c)n – 1]|
The next formula is used to calculate the remaining loan balance (B) of a fixed payment loan after p months.
|B = L[(1 + c)n – (1 + c)p]/[(1 + c)n – 1]|