Home Loan Mortgage Type
A home mortgage is probably the largest commitment that anyone will make. Once someone has a mortgage then they must make a regular payment to a bank or building society for a large portion of their lives, perhaps for 25 or 30 years. And, although important, the repayments for that loan are notoriously difficult to calculate. However, that needn't be the case. Anyone with a pocket calculator or a Windows computer can use a simple formula to create their own home mortgage calculator.
Understanding The Interest Paid on a Mortgage
The interest on a mortgage is an example of compound interest. This means that the interest is not just accrued on the amount of money borrowed, it is also also accrued on the interest itself. This is further complicated in the case of a mortgage because, of course, the borrower is paying off the loan whilst the interest is accruing. So the amount owed at the end of any period will be:
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