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Mortgage Calculation - help please
andy777_2
Posts: 47 Forumite
Am I correct to understand mortgage interest is generally calculated daily though one pays the lender monthly? If this is correct, can I still use the formula that I'd use in Excel to calculate the monthly repayment amount [=pmt(rate pa/12,years*12,principal)] or do I need to amend it in some way?
Please help!
Thanks
Please help!
Thanks
0
Comments
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Mortgage interest rates can be calculated in three ways:
1) Annual Rest
2) Monthly Rest
3) Daily Rest
Check the details on the offer before making any assumptions.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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