Colli Real Estate

How are monthly mortgage payments calculated?

I ask because i have just used a mortgage calculator online and they have worked out this:

You will probably be not too surprised to learn, that in that feather-bedded, backward industry called banking, they are using different formulas to calculate the same things and percentages mean different things to different people.

I have put in 3 equations in my calculator and usually one of them agrees with the figures quoted by lenders.

The chaos is due to the fact that in the days before the introduction of electronic calculators, it was only practical to use approximate formulas which were easier to calculate. Some banks still use them while others have changed to the mathematically correct formulas.

The incorrect formulas survive because the Americans (who as you know are the most backward people on Earth, except in war machines) use them. Also Excel. As you know the Americans still use bushels and gallons and barrels etc.

(I suppose I had better get ready now for a flood of insults from the country of free speech, if it is not an oxymoron)

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