Amount of principal and interest payments on a mortgage.
Usage
mortgage(balance, interest, term = 30, n = 12)
Arguments
- balance
Initial mortgage balance.
- interest
Interest rate.
- term
Payoff period (in years).
- n
Number of payments per year.
Value
Amount of principal and interest payments.
Details
Calculates the amount of principal and interest payments on a mortgage.
Examples
mortgage(balance = 300000, interest = .05)
#> [1] 1610.465
mortgage(balance = 300000, interest = .04)
#> [1] 1432.246
mortgage(balance = 300000, interest = .06)
#> [1] 1798.652
mortgage(balance = 300000, interest = .05, term = 15)
#> [1] 2372.381
