How To Calculate The Monthly Interest and Principal on a Mortgage Loan Payment

[@TheOrganicChemistryTutor]

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[@snowtothezone3231]

this guy is amazing! you have saved me in chemistry thank you

[@kodyyoung867]

Wtf type of chemistry did you enter😂

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Me in algebra

[@ValerieRoseMunoz]

Best explanation ever! Thanks!

[@krassfilms]

Worked for me however instead of 12 months i put 365 days into formula and multiplied by 14 days at the end as my bank bills me fortnightly. Over a period of about 1.5 years of comparing actual data with this formula it worked out very close +/- $300 which I'm happy with for forecasting pursposes :) Thanks!

[@hevinamber]

Thank you so much!❤

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[@josecordova32]

Channel name now has to be The Organic Life Tutor

[@carlacosta8557]

legend of mathematics!

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Tutor you're genius keep going

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[@crispychickenwing]

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[@gigiwong8491]

I lost it where you got $2147.29

[@chuckd9606]

That's the monthly mortgage payment for the $400,000 house

[@alexcasillicasilli7451]

Witch count to arrive a 2147.29

[@Sacmmtwellington]

yeah we just want to know how he calculated it because its confusing@@chuckd9606

[@CliffSedge-nu5fv]

​@@Sacmmtwellington Push buttons on a calculator.

[@mprrx]

Interest +.principal = monthly payment

[@notomatoesx]

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[@عدنانبنزيغان]

Best explanation ever truly

[@carlofernandez9506]

Dude is amazing 👏

[@YiishikiMore]

What if you are on a variable interest and the rate changes each month? Would I just use that new rate for that month?

[@deeqahmedmousa3896]

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[@SuperYoonHo]

congrats on5.06 m subs

[@sauchoi1025]

Very well explained ❤ it.

[@ceelynjadraque183]

how did you get the monthly payment of P2,147.29? What arithmetic Operations did you use to come up with your answer, Sir?

[@chuckd9606]

Wow!! This really sounds and looks like a super huge racket by the banking industry

[@danielames7611]

Proof that YT needs to allow more than 2x speed

[@jenniferbarton6331]

How do you calculate the $2147.29?

[@CliffSedge-nu5fv]

Push buttons on a calculator.

[@SuperYoonHo]

Thanks sir

[@koran_4e271]

thank you this was amazing

[@dipikakisku5401]

Can you make vedio on physics math.

[@43SunSon]

Thank you so much. I still have one more question, what happens if there is one-time payment? how should I calculate that table again?

[@oldelectronics70]

The month you do your one-time payment (including your regular payment) you would subtract from that the interest that corresponds to that month, this will give you the amount that contributes to the principal. Then subtract this from the previous balance to calculate the new balance. You could use "velocity banking" to make additional payments every 6 months and pay your home much faster. Here is a good video that you can look at about this subject.: kzbin.info/www/bejne/rYDFeGyYqbF7npo

[@43SunSon]

thanks buddy. @@oldelectronics70

[@RudhinMenon]

Thanks for sharing crucial life skills lol, one quick question, how is biweekly payment better than monthly ? thanks :D

[@Jerry-rn9kr]

U would be making an extra payment every year bi weekly …1 payment a month =12 payments a year …52 weeks in a year divided by 2 for biweekly payments = 26 divided by2 = 13 so it’s like paying 13 payments a year instead of the 12 payments ….i could be wrong tho I smoke a lot of Pot

[@user-wr3jh7ov3h]

You can’t just compare the sum of interests paid without taking into account the value of money over time. For instance, at 8% interest, 100k paid in 30 years is really just 9k in today’s value. So when you actualize those interests, your 656k becomes 306k in today’s value, 463k becomes 259k (46k saved) and 273k becomes a 188k (118k saved). But your bank will charge you about 3 months of interests to change your rate, so that 46k savings is closer to 40k. The third option doesn’t consider the fact you could invest that 537$ in a Roth IRA and make 4 to 10% annual returns on it. If it makes exactly 6% annual returns, there’s basically no difference between putting that money on your house or in investments. After 30 years, your networth should in theory be the same.

[@benderbendingrofriguez3300]

you could make an example with Canadian Mortgage?

[@let_your_weird_light_shine_2.0]

Please nobody come for me, but I am horrible at math. How do you (plug in the calculator) that last equation? The: 1666.6 over [1-(1.00416)-360?

[@d.c.2624]

1st: 1.00416 ^ -360 = 0.22436 2nd: 1 - 0.22436 = 0.77617 3rd: 1666.6 / 0.77617 = $2,147

[@greit8283]

@@d.c.2624 1 - 0.22436 = 0.77617 it's not right, - right answer is 0.77564. So, 1666.6/0.77564=2148.68

[@Rudenbehr]

What does JG mean

[@anjleesharma1599]

JG→Julio Gonzales. It's the name of our dear Organic Chemistry Tutor. :)

[@rmusic8969]

Thank you

[@e2k220]

FeelsStrongMan thanks xqcL

[@Vipul.Canada]

Why bank says compounding semi annually?

[@TruthHurtzButHealz]

So on a 30 year loan at 2,127.27 per month, you'll have paid $774,000 for a 400K house because of a 5% interest?

[@gisellegarcia1104]

So crazy right !!!!!!! Im literally sitting down thinking the same thing !

[@TruthHurtzButHealz]

@@gisellegarcia1104 Capitalism. SMH

[@Presidentialrun2028]

And do it for 7 percent now. That’s the new rate.

[@TruthHurtzButHealz]

@@Presidentialrun2028 "Extreme Pessimist" Lol. Come on! You gotta think more positive! Definitely a light at the end of the tunnel!

[@googlesucks925]

​@TruthHurtzandHealz you think that's what capitalism is? You socialists are unbelievably misguided.

[@Gfavvid]

Wow!!

[@america1897]

How do I do this on an iphone

[@cuberdaboi2397]

💀

[@Boosted18]

But... you need to subtract monthly home insurance, taxes, if you have mortgage insurance and HOA if you got 'em and then THAT is the actual amount going to your monthly principle payment.

[@CliffSedge-nu5fv]

No, those are separate expenses. "Principal" only refers to the $400,000 cost.

[@Boosted18]

@@CliffSedge-nu5fv Technically; However, if you want people to get an actual specific understanding of how much will go into their principle, they will have to include/consider the factors I mentioned. Many people don't....

[@claudiadeleon8150]

Where is the 12 coming from (12 months )?

[@nhitc6832]

because there are 12 months in a year

[@xiaohuijin4952]

i watch thisbvideo is too late. Paid so many interest to the banks

[@ellaoliver949]

Why did I got 2,148.76 instead of 2,147.29?

[@greit8283]

I got same and do not understand what is hidden here🧐

[@kg83]

So that means I need to saved at least 100k before purchasing a home on a 320k loan!

[@frankayala3950]

Has anyone found a video of a simplified way without the geek talk about Rs and Ns ? Simple talk ( principal, interest %, months, etc...) ? 🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️

[@hoorkitchen4475]

Join math unknown

[@andreamontalvo756]

You have helped me understand certain topics since my freshman year of high school🥹... I’m now in my second year of college!! Ilysm 😭😭🤍🤍