| Unlike other repayment models, each repayment installment consists of both principal and interest. Amortization is chiefly used in loan currency exchange rate (a common example being a mortgage) and sinking funds. The payments are usually of equal amounts. In the case of a loan, a greater amount of the payment is applied to interest at the beginning, while during the latter currency exchange rate more money is applied to principal. The formula for an amortization is: (1-v^n)/i, where n = # of years, v = 1/(1+i), and i = interest rate / 100. Divide by (1+i) if at beginning due. Another method of writing this kind of formula is: "The Caps" - In industry slang, there you could ask for the Caps of a loan, and if your broker or loan officer is intelligent enough to read the rate sheets they are quoting currency exchange rate it is ALWAYS displayed and available. This is basic stuff, the ABC's of mortgage lending, if you're working with someone that can't or won't explain this to you, go elsewhere. What's better? - The lower these numbers are, the better for you, especially, the currency exchange rate number. Examples: 2/2/5 - 5/2/5 - 2/1/6 - 3/1/6 - 2/4 - 1/1/5 The first number is the initial change cap, the second is the periodic cap, the last is the life cap. When only two values are given, this always means the initial change cap and periodic currency exchange rate are the same. The longer the initial fixed period, typically, the higher the caps are given. “Interest rates on 30-year fixed-rate mortgages remained low, averaging 5.76 percent, in the third quarter currency exchange rate the prime rate, key to home equity lending and lines of credit, rose to 6.75 percent,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The sharp rise in the cost of |  |
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