Mortgage Calculation



Mortgage Calculation

Amortized Loan

An amortized loan refers to a loan, whose interest and principal is paid as per the set terms and conditions of the loan gradually over the given time period of the loan. The process is called amortization of loan and it is done via preparing amortization schedule (Broverman. S. A., 2010).

Additional Payment

In order to pay off the loan early than the initial fixed time period, an individual may have to pay more in form of monthly payments on the mortgage as the initially stated terms. However, in the given scenario, following changes may take place:

No. of years ...