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To calculate a fixed interest rate mortgage, you will need to know the loan amount, the loan term (length of time to repay the loan), and the fixed interest rate. Use the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = monthly mortgage payment
P = the principal loan amount
i = the fixed interest rate (decimal form)
n = the number of payments (loan term x 12)
For example, if you have a $300,000 loan amount, a 30-year term, and a fixed interest rate of 3.5%, your monthly mortgage payment would be:
M = 300,000 [ .035(1 + .035)^360 ] / [ (1 + .035)^360 – 1]
M = $1,342.05
At Horizon65 we can help you to determine if company pensions are worth it for you by using our mobile app to simulate its effect on your future taking into your existing investments and potential impact of inflation and taxation.
We regularly help our clients by comparing all the available company pension products on the market using our comparison portal or you can also directly get in touch with our experts to understand if it can be a good option for you.
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