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  1. #1
    mbschultz97 is offline Super OP Noob
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    Default Amortization Algorithm

    Hey guys I'm making a loan calculator that uses compound interest... I need the program to return the monthly payment, how much of it is principal and how much of it is interest, which depends on how many months into your loan you are... So basically all I need is the algorithm to calculate how much of your monthly payment (depending on how many months in you are) is interest and how much of it is principal. thanks! :D

  2. #2
    AlexGraal is offline Señor Member
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    Default Re: Amortization Algorithm

    Soooooo

    Here is what I googled:
    "algorithms for calculating house loans"


    Here is the FIRST LINK that came up:
    Mortgage calculations -- how loan amortization works, the formula, algorithms and equations

  3. #3
    mbschultz97 is offline Super OP Noob
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    Default Re: Amortization Algorithm

    Quote Originally Posted by AlexGraal View Post
    Soooooo

    Here is what I googled:
    "algorithms for calculating house loans"


    Here is the FIRST LINK that came up:
    Mortgage calculations -- how loan amortization works, the formula, algorithms and equations
    yah... I looked at that before I made this thread, when I looked at the equations they had on their site it looked like to find the principal all they did was your overall monthly payment - the interest... It looked like they were doing the equations for simple interest and not compound interest... Tell me if I'm wrong but from what I understand it's like a scale... When you first take out your loan the majority of your monthly payment will be interest and over time the amount of money going towards interest will decrease and the amount going towards the principal will increase while the overall monthly payment stays the same the entire time...

    So pretty much I don't think that the algorithms on their site will help me with what I need, please tell me if I'm wrong and explain a bit about how I'm wrong. thanks :D

  4. #4
    JosAH's Avatar
    JosAH is offline Moderator
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    Default Re: Amortization Algorithm

    Quote Originally Posted by mbschultz97 View Post
    Tell me if I'm wrong
    You're wrong; it is exactly what you need.

    kind regards,

    Jos
    The only person who got everything done by Friday was Robinson Crusoe.

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