How To Calculate The Monthly Interest and Principal on a Mortgage Loan Payment
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- เผยแพร่เมื่อ 9 ก.ย. 2022
- This finance video tutorial explains how to calculate how much of a monthly mortgage loan payment goes to the bank through and how much goes into paying off the principal balance of the loan. This video also explains how to create an amortization schedule using the monthly interest rate formula mentioned in this lesson.
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Annual Percentage Yield:
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Amortization Loan Formula:
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I lost it where you got $2147.29
That's the monthly mortgage payment for the $400,000 house
Witch count to arrive a 2147.29
yeah we just want to know how he calculated it because its confusing@@chuckd9606
@@Sacmmtwellington
Push buttons on a calculator.
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What if you are on a variable interest and the rate changes each month? Would I just use that new rate for that month?
Wow!! This really sounds and looks like a super huge racket by the banking industry
Thank you
FeelsStrongMan thanks xqcL
congrats on5.06 m subs
Can you make vedio on physics math.
you could make an example with Canadian Mortgage?
Thank you so much. I still have one more question, what happens if there is one-time payment? how should I calculate that table again?
The month you do your one-time payment (including your regular payment) you would subtract from that the interest that corresponds to that month, this will give you the amount that contributes to the principal. Then subtract this from the previous balance to calculate the new balance. You could use "velocity banking" to make additional payments every 6 months and pay your home much faster. Here is a good video that you can look at about this subject.: th-cam.com/video/wObG9btLHh8/w-d-xo.html
thanks buddy. @@oldelectronics70
How do you calculate the $2147.29?
Push buttons on a calculator.
Thanks for sharing crucial life skills lol, one quick question, how is biweekly payment better than monthly ? thanks :D
U would be making an extra payment every year bi weekly …1 payment a month =12 payments a year …52 weeks in a year divided by 2 for biweekly payments = 26 divided by2 = 13 so it’s like paying 13 payments a year instead of the 12 payments ….i could be wrong tho I smoke a lot of
Pot
What does JG mean
JG→Julio Gonzales.
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How do I do this on an iphone
💀
Where is the 12 coming from (12 months )?
because there are 12 months in a year
Wow!!
But... you need to subtract monthly home insurance, taxes, if you have mortgage insurance and HOA if you got 'em and then THAT is the actual amount going to your monthly principle payment.
No, those are separate expenses. "Principal" only refers to the $400,000 cost.
@@CliffSedge-nu5fv Technically; However, if you want people to get an actual specific understanding of how much will go into their principle, they will have to include/consider the factors I mentioned. Many people don't....
So that means I need to saved at least 100k before purchasing a home on a 320k loan!
So on a 30 year loan at 2,127.27 per month, you'll have paid $774,000 for a 400K house because of a 5% interest?
So crazy right !!!!!!! Im literally sitting down thinking the same thing !
@@gisellegarcia1104 Capitalism. SMH
And do it for 7 percent now. That’s the new rate.
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