Monthly payment = P i (1+i) ^ n / (1+i) ^ n - 1
P - the principal, or the initial borrowed amount
i - interest rate per repayment period
n - number of payments over the life of the mortgage
Today, we live in an economy where education plays a vital role in growth and development. Comprehensive education from a premier institution can be an expensive affair. Invariably, most students pursue higher education with a student mortgage. While getting a student mortgage is not a herculean task, it is best to anticipate the repayment in advance and the timelines for the same. This will help you work out your expenses properly.
For students who are planning to apply for mortgages to pursue their higher education from a premier institution and for those who have already applied for mortgages, but need some more understanding, TutorBin is offering a free mortgage calculator. You can have various calculations for the mortgage you wish to take.
Firstly, you could input all the expenses to determine the amount you will need to take as a mortgage to smoothly manage through college
Secondly, if you already know the amount, you can use the TutorBin mortgage calculator to determine the interest rate and the monthly EMI based on the tenure of the mortgage. This will again help you in managing your finances better.
Either way, TutorBin’s free mortgage calculator will enable you to determine what EMI or mortgage amount you will be required to shell out every month. This will definitely help you plan your expenses in advance and ensure that you are not late on your payments.