Generic Mortgage Loan Calculator
This calculator will create a loan schedule if you give it any loan amount,
any rate, any term, any compounding frequency.
To match the math that banks use, I am always going UP with
partial pennies on calculated interest so that $99.002 becomes $99.01,
not $99.00 like I used to
calculate when I rounded to the nearest penny. Those extra pennies add up!
Here is a prettier PHP version and here is one that
writes the output to a PDF file for saving/printing.
Your interest rate per period is 0.5833 % for 12 total periods ( 1.0000 years)
Period  Years  Balance  Interest  Principal 
1  0.083  1000.00  5.84  5.84 
2  0.167  1005.84  5.87  5.87 
3  0.250  1011.71  5.91  5.91 
4  0.333  1017.62  5.94  5.94 
5  0.417  1023.56  5.98  5.98 
6  0.500  1029.54  6.01  6.01 
7  0.583  1035.55  6.05  6.05 
8  0.667  1041.60  6.08  6.08 
9  0.750  1047.68  6.12  6.12 
10  0.833  1053.80  6.15  6.15 
11  0.917  1059.95  6.19  6.19 
12  1.000  1066.14  6.22  6.22 
13  1.083  1072.36  6.26  6.26 
Total Payments: $ 0.00 Total Interest $ 78.62
DISCLAIMER: This information is for illustrative purposes only.
Numbers may be off by $0.01 per month due to differing methods of rounding so
the
results are not exact. Also note that the schedule generated here applies only
to a loan where all payments are made in full in a timely manner. It does not
include any late fees or additional accrued interest due to late payments.
Hugh 
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