Private mortgage payment calculator.
July 21, 2023 | Posted by: Alex Vinarski
Most of the private mortgages have interest only payments, with monthly compounding. Calculation of the payment is actually very easy even without calculator. To calculate monthly payment just multiply balance on rate and divide by 12. For example $100000 mortgage at 7.5%, compounding monthly, interest only payment: 100000X0.075=7500/12=625$
Many second mortgages have 12% rate, so payment would be 1% of the balance.
There is also online calculator that can be used:
https://www.bankrate.com/mortgages/interest-only-mortgage-payment-calculator/
If mortgage has amortization payments, then simply use regular mortgage calculator from my website:
https://www.ipotekacanada.com/index.php/mortgage-calculators/purchasing
