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Mortgage repayment calculation formula

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Theed07
Theed07 Posts: 3 Newbie
in Mortgage-free wannabe
As a numerate science graduate, I am looking for the means (i.e. maths formula) by which mortgage repayments are worked out by lenders. Would anyone be able to point me in the right direction ?

Comments

  • manrow
    manrow Posts: 185 Forumite
    Part of the Furniture Combo Breaker
    When you find out how devious lenders are Theed07, please come back and let us know.

    The fact that the same interest rate causes different AER's suggests some are more honest than others!

    Best of luck!
    Be ALERT - The world needs more LERTS
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    Look at the formulas in open office calc. They Mimic Excel in an entirely legal manner. PMT and FV are very useful.
    J_B.
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