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08-11-2011, 01:05 AM
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Monthly Mortgage Payments?
Do monthly mortgage payments equal the stream of identical payments over the life of the mortgage that yields a PV that is equal to the loan principal?If so, this doesn't seem to take into account the interest that you are paying each month.I am just having trouble seeing where the formula to calculate monthly mortgage payments comes from.M = P * ( I/12 / (1 - (1 + I/12) ** -N)) where N is the number of payment months.
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