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    How is the mortgage calculation formulated?

    Asked by capitalresorts on March 06, 2015 at 08:16 PM
    can you share the formula used to calculate this? I need to create a calculator in a form that populates the information based on other fields. If you could share a screenshot that shows how I would enter the calculation into the standard "Form Calculation" widget, that would be a HUGE help!
    mortgage calculation mortgage calculator calculations pow()
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    Answered by Ben on March 07, 2015 at 04:44 AM

    Yes, we can share the calculation - The secret code behind this calculation is this:

    {amountBorrowed} * ( ( {annualInterest} / 1200 * pow(1+{annualInterest} / 1200, {loadDuration} * 12 ) ) / ( pow(1+ {annualInterest} / 1200, {loadDuration} * 12) - 1 ))

    You can see more about pow() function here: Form Calculation - Math Function Reference

    Do let us know however if you have any questions and we would be happy to answer them :)

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    Answered by capitalresorts on March 07, 2015 at 03:13 PM

    Hi Ben, that was exactly what I was looking for. Unfortunately, it did not work for me. I tried in both Chrome and Firefox (mac) and it gave an error and the calculation would not work. In fact, when I went back to the wizard to check the formula, it was gone completely. Did this about half a dozen times with the same result each time. See below screenshot I took before failing on the last attempt:

    Thanks again for providing, I'm confident we can get it working!

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    Answered by raul on March 07, 2015 at 04:42 PM

    Did you try using the template provided there?
    I did a test now and the form worked fine on my side.

    Could you please try to clone this form: http://form.jotformpro.com/form/50656672155964? I made the changes in it to make it look like the one you have in your account.

    Give it a try and let us know if the issue persists.
    Thanks.

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    Answered by capitalresorts on March 07, 2015 at 05:53 PM

    Oh that worked great, thanks! I didn't realize the original mortgage calculator was a template - thought it was a widget so I didn't even try it. I should have just done that from the beginning, thanks!