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The mortgage calculator
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GaryBC
Posts: 458 Forumite
I've heard it said that the Mortgage calculator on this site doesn't use compound interest in its calculations so under-reports the resulting monthly repayments.
Is this true?
Is this true?
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Google amortizization calculator.
Most of them have the dollar sign, but imagine the pound sign, the figures are usually spot on.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
£100k at 4% over 12 years the difference in interest payments between the two is c£40!BikingBud said:
For its ease of use I'd accept an 'error' of less than 3p a month.
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