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Mortgage Calculation Formula: M = P [ i(1 + i)n ] / [ (1 + i)n
|For our $150,000 mortgage at 6.5% compounded monthly for 20 years, we would first solve for i as
i=0.065/12=0.065=0.00542 and n as 12 x 20=240, monthly payments M=150000X[0.00542X(1+0.00542)240]/[(1+0.00542)240-1]=1118.36.
For the most part every mortgage is calculated based on this traditional formula. It takes into account the fact that mortgages use compounding interest instead of simple interest.
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