How Financial Institutions Calculate your Mortgage Payment
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If there is one thing we have all learnt since we were kids, it must be that prices can be deceiving. As children, when we buy something we like, the cost on the shelf could be different from the cost on the counter because of the sale tax. However, we didn’t know that those tiny unexpected increments prepared us for the concept of interest and principal amount. Every economy’s financial institutions thrive on the concept of interest. Since a mortgage is one of the services, financial institutions offer, the idea of interest is an integral part of it, and it, along with the principal amount, makes up the mortgage payment.
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