Calculate it yourself
To calculate the quota of your mortgage or loan along with its amortization schedule using the exact and approximated formula you can use the following calculator from a web browser:
If you prefer, you can download mobile applications to have them always available:
FAQ
Currently, it is the formula used by most banks to calculate the mortgage payment. It is a mix between simple and compound interest that skews the result in favor of the bank.
In addition to creating confusion, the approximated formula will make interest rates grow further for the mortgagees when interest rates rise. (EURIBOR + diferential + error that grows when the interest is higher).
Difference between the approximation and the correct formula:
It is actually the correct formula, which the banks should use to calculate the banks mortgage payment. It is the original formula of compound interest.
The advantage is that you are using the formula that directly applies the effective annual interest rate (the universal interest rate unit). This formula is beneficial for the mortgagee because if interest rates rise, the interests will not grow much.
You can use the web calculator or the mobile apps. Your montly payment must be equal to one of the two values calculated.
You will need the remaining capital, the interest rate and the number of remaining payments (you may get all this data from your mortgage receipts).
Not at all, you can use the applications without signing the petition. However, it is recommended to sign it to send the petition to legislators if 1000 signatures are reached.
In these cases, we recommend using the web application from the browser of the device.
You must enable JavaScript in your browser. To do this, check in your browser's options that it allows JavaScript and activate it.
No, you only need to enter a valid email address.