Amortization: The Mortgage Professor #5
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- Опубліковано 26 вер 2016
- Almost all mortgages today have fully-amortizing payments. This is a payment which, in most cases, will pay off a loan over its term.
Learn how to pay off your mortgage quickly: www.monger.com/how-it-works - Фільми й анімація
It’s also worth noting that when comparing interest saved by paying down the loan to other investments, any interest saved on the mortgage is not taxed, while interest earned through investments will be taxed
He got the $477.42 from the Amortization Chart which illustrates monthly payment per $1000 of a Mortgage. The chart is available online.
Thank you so much! Finally I understand how it works. Great video! You unswerving my questions 🙏👏
What a cool video! I actually thought that was a real professor. LOL
Very helpful. Thanks!
Nice job!
The benefit of paying additional might be undersold @ 4:21 as 13 months and 101 months were conservative estimates if I calculated correctly. I got 15 months and 109 months using your $100K at 4% example.
Here from Mukta Mani ma'am's refernce video on Loan Amortization ;-;
Jaypee gang anyone?
I can't believe only 44,000 views for this 5 year old video?!? However... it makes sense. 🙄
This is confusing.
1. How did you come up with $477.42?
2. The 4% rate per year is strange. If you're paying $333 that's a lot higher than 4%. Banks could say a loan is 2% and 1% and just compound it on the back end every 6 months and 3 months, respectively, and it'd mean the same thing. But the actual amount is $333/$477.42 ~70%!
Hi Jack
Beautiful video explaining this process.
One question that came up was
At 1.50 of your video
You calculated monthly payment as 477.42. How is this amount calculated?
This is what's known as the amortization formula. Plug the numbers he used into the calculator posted below and you will see the same payment. This site also does a great job of graphing the data. Enjoy.
www.amortization-calc.com/
@@rockysmith9286 thanks, but what is the formula for this and how do you get to that number? thanks again
@@Melina.folina.123 I had the same question. use the Total Repayment Formula - you should get 0.004774153 www.educba.com/amortized-loan-formula/
@@rockysmith9286 Yea but that doesnt answer how the magical number appears even if we use a calculator- Even the lendors can not tell me where it comes from lol
How did they get the $477.42?!
It's called mathish math not real math is almost like magic, the system is completely fraudulent. 4% turns into $71,000 in interest @#$!#$#@
Sir, in countries like India, the rate of interest for home loans is lower than some investment avenues.. Is it still advisable to prepay the loans instead of investing in such options?
That’s difficult to answer because risk is a factor.
4:51 Exactly;-)
I wanna know how you git 477.42
SAME !? The very first step was confusing
They literally tell you how it’s done in the video.
@@currenteventsenthusiast9477that doesn’t mean they understand dum dum. And fyi he did not say exactly how he got 477 you smart ass
there is a formula to calculator monthly payment. But just google amortization calculator and plug in the numbers
@@currenteventsenthusiast9477but they didn’t t tho they only showed us how to get $333.33 not the 447.42