How to calculate mortgage monthly payment?

Use the equal payment formula: M = P * r * (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, n is total months.

What is the difference between equal payment and equal principal?

Equal payment keeps monthly payment constant, with principal increasing and interest decreasing. Equal principal keeps principal constant, with total payment decreasing over time.

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Equal Payment Equal Principal

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