Calculate Amortization Mortgage
Calculate an amortization mortgage loan's monthly payments. Additionally the module calculates the new monthly amounts in case of a variable-rate mortage or an additional repayment.
An amortizing loan means equal installments for every monthly payment. Installments consist mostly of interest at first and gradually the proportion of repayment increases.
In the UK this type of mortgage is called a repayment mortgage. From the lender's perspective the mortgage equals an annuity.