Equal amounts of principal and interest are more than 1,445 per month

Equal amounts of principal and interest means that the less you pay, the more you pay in the beginning. It will become easier later on. The maximum amount is more than 1,700 and the minimum amount is more than 1,000. One point

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Usually there are two bank mortgage calculation formulas, 1. Waiting for principal and interest repayment 2. Waiting for principal and interest repayment Gold repayment.

Equal principal and interest means that the monthly repayment amount is the same. Equal principal means that during the loan period, the principal repaid to the bank every month is the same. Since the interest decreases month by month, the monthly repayment amount is the same. The repayments are getting smaller and smaller.

The monthly principal and interest repayments of equal amounts of principal and interest add up to the same amount. This is derived using a mathematical formula. You don’t need to think about how the formula came from. You only need to know the monthly interest rate. How much is your loan principal this month

How much is your loan principal last month? Your total principal minus last month’s principal is the principal owed to the bank this month. , the principal owed to the bank for the current month multiplied by the monthly interest rate is the interest payable to the bank for the current month.

Calculation formula of equal principal and interest method

Monthly repayment amount = principal*monthly interest rate*[(1+monthly interest rate)^n/[(1+monthly interest rate)^n- 1]

In the formula, n represents the number of months of the loan, ^n represents the nth power, such as ^240, which represents the 240th power (loan for 20 years, 240 months)

Monthly interest rate =Annual interest rate/12

Total interest = monthly repayment *number of loan months - principal

Equal principal method calculation formula

Monthly repayment amount =Principal/n+remaining principal*monthly interest rate

Total interest = principal*monthly interest rate*(number of loan months/2+0.5)