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Karl's Mortgage Calculator

  • 05-02-2011 11:51am
    #1
    fleet
    Registered Users, Registered Users 2 Posts: 546 ✭✭✭


    Hi,
    could someone explain to me the output of this calculator: http://www.drcalculator.com/mortgage/uk/

    I have a pretty good head for figures but why does the Monthly Payment (y axis) fall then rise, when the payments are supposed to remain constant (assuming fixed rate of interest)?

    :confused:


Comments

  • #2
    jelly&icecream
    Registered Users, Registered Users 2 Posts: 477 ✭✭jelly&icecream


    The amount paid in interest each month decreases as the mortgage term progresses and the amount paid of the principal increases. If at any time instance on the graph you add up the values of the blue line and the red line you will get the monthly repayment which stays the same each month.


  • #3
    fleet
    Registered Users, Registered Users 2 Posts: 546 ✭✭✭fleet


    Ah - didn't realise there was overlaping (z)!

    That works.

    I'm not sure I'd have graphed it that way though!

    Nice one :-)


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