Note:Please note that the calculations are based on various assumptions. While we have captured most important characteristics and conditions in our assumptions, you are advised to verify results with the concerned authorities or service providers.
Reverse Mortgage Details
Formula to calculate the results for reverse mortgage calculator is as given below:
Installment Amount = (PV*LTVR*I)/((1+I)n-1)
n=No. Of Installment Payments;
I=The value of 'I' will depend on Disbursement Frequency selected.
Property Value(PV) = 10,00,000
Loan Disbursement Period=15 Years
Interest Rate(IR) = 10.5 %
On the basis of the inputs:
The disbursement frequency selected is Monthly so 'I' will be IR/12(i.e 10.5%/12)
No. of installment payments(n) will be calculated monthly e.g if 15 is selected then the n=15*12=180
Putting the values in the formula:
Note: 'Click here to Round off to the multiple of Rs. 10' round off the calculated result to next multiple of rupees ten.