Calculate your Mortgage Loan using this mortgage calculator. It's important to calculate mortgage monthly amortization payment to know how much you can afford for investing house & lot, car or other loans.
A mortgage amortization schedule breaks down the mortgage payment into components of allocated interests and principal. It will show the amount of interest that you are paying to the bank or lending company. Every loan payment made is divided between the interests and the principle on the loan amortization schedule. The schedule provides the exact remaining loan amount after every payment is made to determine the outstanding amount of the loan at a certain period of time.
C# code snippet how to get Monthly Amortization
//-Specify constant values
int INTEREST_CALCS_PER_YEAR = 12;
int PAYMENTS_PER_YEAR = 12;
//-Create variables to hold the values entered by the user
decimal P = obj.contract_price;
double r = obj.int_rate_per_annum / 100;
int t = obj.years_to_pay;
double d = obj.down_payment / 100;
ratePerPeriod = r / INTEREST_CALCS_PER_YEAR;
payPeriods = t * PAYMENTS_PER_YEAR;
dDownPayment = P * (decimal)d;
dFinanceAmount = P - dDownPayment;
costPerMonth = ((double)dFinanceAmount * Math.Pow((r / 12) + 1, (payPeriods)) * r / 12) / (Math.Pow(r / 12 + 1, (payPeriods)) - 1);