Amortization Schedule Explained | Real Estate Exam Prep Videos
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- Опубликовано: 16 июл 2024
- Amortization Schedule Explained - In this #RealEstateExamPrepVideo we explain how to use the Amortization Schedule (a.k.a. Amortization Table) when calculating principal, interest, taxes, insurance (p.i.t.i.) real estate exam question.
Key Real Estate Vocabulary Words:
Amortization -
Amortization Table -
#AmortizationSchedule -
P.I.T.I.
Mortgage Payment -
Escrow Account -
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.
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Done 🎉
@@MuthaOnPursuit Done id a good feeling... 😁
I've had trouble with amortization schedules my teacher several videos math prep real estate for dummies I didn't get it you're the only person that explained it so easily so simply that I got it. Amongst other concepts . I pledge to you 15% of my first commission. ( When I earn it.) You're awesome.
LOL... that's awesome! I am glad the video helped. Keep studying... you will do great on the exam! Pass the 15% forward to someone who needs it more than.... Thank you SO much for the comment. I really do appreciate it!
I’ve been through at least 40 real estate educating you-tubers & you keep it simple- thank you! Broker exam Tuesday - wish me luck!
You got this!
Did you pass?
I took an exclusively online course with no instructor. I had no idea how little I grasped the concepts until I took the exam the first time and failed it. I went on here and searched “amortization chart explained” and went down the rabbit hole of your exam prep videos. That is the only thing I changed and I took my test today and PASSED. Thank you for your contribution, I fully accredit this channel for helping me get to the point that I could pass.
I took it with a teacher in the classroom and all were told was "highlight" by the time we were done we had highlighted the whole 500-page book. I can talk about fair housing without giving it a second thought though.
Hi Haley.... CONGRATULATIONS that is so awesome!!! Only those that put in the time and hard work to study pass. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Once things start going...skies the limit!!! :o) If you wouldn't mind... I would appreciate a good review on Facebook... Here is the link! facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal
Stay focused... great things are about to happen!
I've been listening to Prep agent channel, but this channel is far superior. Thank you!
Thank you, Rira
I totally agree with you.:)
I agree! I keep coming back to this channel.. Just straight to the point and easy to follow.
@@marissanichols217 Thank you!
Thank you for your videos. I passed IL and national real estate exams today and it is my 1st try!! You are the best teacher!! Thank you sooo much..
CONGRATULATIONS that is so awesome!!! People don't realize that that the real estate exam is specifically designed so you can't pass it by chance or luck. Only those that put in the time and hard work to study pass. Even then, only about 60% pass. I am so happy for you and I am glad we were part of your study routine. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Once things start going...skies the limit!!! :o) If you wouldn't mind... I would appreciate a good review on Facebook... Here is the link! facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal
Stay focused... great things are about to happen!
I passed my exam thanks for the help!!!!!!!!
Hi Savanna.... CONGRATULATIONS that is awesome!!! I am so happy for you and I am glad we were part of your study routine. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Stay focused... great things are about to happen!
Best Video I have seen On This hands down! I'm almost ashamed I didn't understand it before, it's so simple! Thank you for what you are doing for this community!! We Appreciate people like you! :)
Thank you for taking the time to leave a comment. I am glad it's helping with your studies...😁
The Amortization Table might as well have been in Greek to me until I saw this video. Thank you so much for taking the time to break this down in a way we can all understand.
Don't feel bad... you and many many others... It was the #1 requested video to make by students... I am glad it brought some clariety! Keep studying! :o) And thank you for for comment...
I swear none of this was in my class. Took the test and failed it. Should have watched these videos. I feel by law All real estate school should have the exact same reference of knowledge as the state exam. And what I found it many schools dont go over everything . My state exam literally had things I never saw before which is really almost a scam.
Keenan... you have no idea how many emails or comments per day I get regarding the very thing you just commented about. That is why I created this channel... I am glad you found the channel and thank you for leaving a comment. If you know anyone else studying for the exam, please share my channel with them :o) Best of luck!!! Keep studying, you'll pass :o) Let us know when you do!
I failed mine today! We did not go over this. We only discussed the definition
THANK YOU FOR BREAKING IT DOWN INTO SUCH SIMPLE TERMS!!! I seriously just could not grasp the amortization concepts at all regardless of whose videos I watched to explain them until I came across this one. This will help me do so much better on my next (and hopefully final) attempt at the real estate exam. I had about 10 amortization questions on the last one and had no clue how to even go about them. I feel a lot better about the next exam now that I finally understand amortization. I can't thank you enough.
Hi Setareh... you're welcome! Keep studying! :o)
Super helpful video, passed my exam this morning
Congrats
What did you use to study?
CONGRATULATIONS that is awesome!!! I am glad we were part of your study routine. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Once things start going...skies the limit!!! :o) Stay focused... great things are about to happen!
Thank you so much Paul! I was struggling with real estate math and watched your math videos the night before my exam and it helped me pass my real estate exam!!
I am a bit late on my response... I get hundreds of comments per day BUT... CONGRATULATIONS! I am so happy we were part of your study routine. Best of luck in your new venture! 🥳
I pass my Virginia real estate exam yesterday in my first try and your videos really helps a lot to understand the concepts.your videos are very easy to understand and make my study very easy too .
Keep doing the good work. Best of luck for your channel!!
Hi Neha... that is awesome! Congratulations! Thank you for letting us know and we are glad we could be a part of your success. I wish you the best of luck in your new venture! :o)
I love the fact that I got a notification you were on !!!! I will be looking at this on repeat until I get it! AWESOME JOB
Thank you, Carmen! I appreciate your remarks. Keep studying! :o)
I just passed my exam first try with flying colors! I don't think I could've done it without your videos. Thank you so much!
Great job! That's awesome! Thank you for letting us know!
Thanks, excellent explanation in very simple way, greatly appreciated Sir
You're welcome!
Thank you! You explained it very detailed and very well. I’ve been doing online course and your videos are so helpful as we don’t get videos for explanation.
THANK YOU. THANK YOU. THANK YOU. ALL YOUR VIDEOS HELPED ME PASS THE MARYLAND REAL ESTATE EXAM.!!!!
Hi CVEE.... You're welcome! I'm glad to hear the vidoes helped you with your studies! Congratulations on passing the exam.... That test is no joke so well done! I wish you the best of luck in your new career. It''s hard work but the rewards are worth it!
Thank you for all that you do! I fell in love with real estate as you explain!
You're welcome! Thank you for leaving a comment. I really appreciate it!
This is so simplified! I had problems understanding this concept prior to watching this video. Thank you so much for this!! 👏
Glad it was helpful!
I just wanted to say thank you for your videos. I studied and watched your videos and passed my real estate sales person exam on the first try. You really focus on topics that are on the exam. Thank you thank you thank you
Hi Jasmin.... first CONGRATULATIONS of passing your exam! Welcome to the real estate community! Second, thank you for leaving a comment. We really do appreciate it. Best of luck in your new adventure :o)
Thank you for making this so simple to understand! I was so confused before on how it actually worked until now. Thank you so much. I aced these questions on my most recent exam.
You're very welcome!
only video on youtube that explains this chart perfectly and gives a great example question. thank you!
Glad it was helpful! Thanks for leaving a comment
You are THE MAN! Extremely helpful. Thank you so much!
You're welcome! I'm glad the videos are helpful! :o)
thank you so much for all your help I really do appreciate it how much you simplified this.! definitely worth watching:)
Thank you and you're welcome!
Awesome!! Thanks so much for clear instructions.
You're welcome!
Thank you I never understood fully until you broke it down this way.
Thank you!
Oh My gosh thank you so much!! I haven't found anything explaining this! Thanks so much!
You're very welcome!
thank you so much for breaking it down like this! I have gotten amortization questions on my exams and I did not know how to solve them or even understood the question. This helped me a lot and hopefully next time is the final time for my exam!
Hi Ana... you're welcome! You will do great on the exam! Keep studying! :o)
So incredibly helpful. THANK YOU!!!!!
You're welcome! 😀
Thank you Paul , you kept it simple and fully understandable !!! Love it !
You're welcome! 😁
Thank you for explaining - have taken multiple math classes and this was the first time it actually hit home!
yay... that's awesome... every instructor has their own methods of teaching and every student has their own method of learning... glad it helped!
Best video on Amortization out there, it helped me pass my exam. Thank you!!!!
Thank you
Thank you this is the clearest explanation
You're very welcome! Keep on studying :o)
Great job Pablo! You always make things so simple....
Thank you! I appreciate you always being supportive an leaving comments! :o)
Best and easiest explanation to understand, thank you!
Thank you!
Great help! Thank you, sir.
You're welcome!
THANK YOU!, for such a simplified break down.
Glad it was helpful!
It truly was. HAPPY NEW YEAR to you.
@@QUICKNESSN3 Happy New Year :o)
So easily explained! Thank you!!
You're welcome
I wish my teacher in school would have covered this, so grateful.
You're welcome!
You just made my whole life make sense with this video 🤣. Best break down I’ve found so far! Thank you
Glad to hear this... always great to hear we're helping 😀
Millions of thanks. I scheduled my exam for tomorrow and was extremely worried about amortization chart questions. Your video helped me a lot to understand the concept. Stay blessed.
Glad it helped! I hope you passed :o) You did !!!!!
Thank you so much for making this video!!!! I almost gave up!!!
NO NO don't give up.... 😁
Thank you .. very helpful
You're welcome! ;o)
Thank you so much Paul 🙏🏾❤!
Hi Adeola... you're very welcome! Happy studies! :o)
Just Beautiful now I can take ny real estate test without worry about failing this part because of it not being in my book. I give you a 10 out of 10, and 2 thumbs up for me 😀
Thank you, I really appreciate the comment! Keep studying... you will crush the test! :o)
Thank you omgoshhhh it’s soooo easy wow
Hi Karen... thank you! :o)
Your amazing !!!, Thank You. please keep up the great work for people like me awesome
You're very welcome!!! Thank you for the comment and the kudos... :o)
subscribed: liked: 2 thumbs up! Excellent instruction. I didn't get it at all, but now I am super confident in my understanding.
Transitions kinda confused me and made me back it up a bunch would be my only zonk.
Thank you, Drew for reaching out. I really do appreciate it
Thank you, this was very helpful.
You're welcome!
very helpful thank you .
You're welcome!
thanks Paul
You're welcome!
very simple explanation , thank you
You are welcome! Glad it was helpful :o)
This really helped
Glad is helped
This was so helpful.
Great to hear! Thank you for leaving a comment!
so helpful
Thank you, really glad it was helpful! :o)
love your videos
Thank you, Monika. We appreciate you leaving us a comment! :o)
thanks
You're welcome!
Thank you!! This was the most helpful video I have watched on this. I had like 4 amortization table questions on my exam and I'm pretty sure I got them all wrong!
Hi Carly... thank you for leaving a comment. I am glad the video was helpful. I made because many students were reporting they had several questions on their exam too. You won't miss those questions next time :o) Best of luck!
@@TheRealEstateClassroom I passed the national section yesterday!! Thanks so much!
@@carlyb7928 Yay! That's awesome!!!!! :o)
Can you do anthor example if the question ask differently? With discount points
Hi.. great explanation! Please, How do you come up with the numbers on the table? For example, the 7.78 comes from 4.75% and 15 years but what math is done to get that 7.78? Thank you
What if they ask to find which amount of years the person should go with that will be better for them in the long run? How do we figure that out? Going to be trying to pass again on the exam. I was three points away from passing the state, but the math and contracts, plus a few other categories, got me on the national.
This was a good explanation. Although I did pause and rewind a few time. Great teaching. I’m curious as to whether the P&I per $1000 would change on other problems……?? & would these be on California exam?
This could very well be on the CA Exam
I’ve been getting practice questions asking how much interest will be paid on the first payment, or second payment, do you know how to conquer that?
I passed! ty!
Hello Sir,
May i know how we calculate the P & I Independently from the $572.00?
Thanks,
I’m in a live class right now and the instructor isn’t making sense. You explained it better
Hi Skyler... unfortunately I hear that way too much... I am glad you found the channel. Keep studying, you will crush it :o)
Thank you, I'm taking my test Monday 01/09/2023
You will do AWESOME! 😀
How was the exam did you pass?
I have never seen a question with two different options before. I guessed the correct answer but have no clue how they came to that. They didn't provide a chart. I used one from my text book. but the $1000 PI payment through me off. Can you explain? The answer is $176,100.
If a borrower can afford to make monthly principal and interest payments of $1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is the largest loan (rounded to the nearest $100) this buyer can afford?
What if there is no amortization schedule in the question on the exam ? Just the question ? How are you suppose to figure out the rate and years ?
They should provide you with the schedule or provide enough information on the exam question to calculate the problem
@@TheRealEstateClassroom I have had a similar question where no amortization schedule has been provided, only the interest rate per $1000 of the loan amount. How would you calculate the PI than?
If a borrower can afford to make monthly principal and interest payments of $1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is the largest loan (rounded to the nearest $100) this buyer can afford? (BE SURE TO USE THE AMORTIZATION TABLE.) - Doing this problem and don't know where to start can anyone help?
do you do one on one tutoring??
Hi Carmen... I don't at this time... I'm sorry :o(
Will the exam provide an amortization tablebin the test question?
I know PSI does however I not sure about the others
How do you find the figure to multiply, if you do not have a chart?
It is usually given to you by the testing service
I’ve taken the real estate exam twice and passed the state, and failed the national portion. I’m feeling a bit discouraged. Any tips for me for when I try taking it again?
Hi Desi34... there is no magic formula to short cut the study process... keep studying by commiting 90 minutes per day for your studies... Here is a link to the playlist of videos covering all the different content buckets you need to know. Take a few each day. Don't quit though... you got this. ruclips.net/user/TheRealEstateClassroomplaylists?view=50&sort=dd&shelf_id=1
Will we be given a table?
yep... they should
Will they give you the amortization table during the exam?
Hi Carolyn... great question... In states that use PSI to administer the test an amortization schedule should be provided. If your state uses another testing service such as AMP.... I don't know the answer. You will need to speak with your states real estate authority.
yes they do
Hi
During the exam do they provide the amortization table or ?
Thank you for reaching out... That depends on the state you're in and the testing service that administers the exam. For example, I am in Nebraska and PSI does provide the students with the table.
Thanks a lot . I’m in Massachusetts. Do you know if they do ?
@@lemonflavoreds4312 Im sorry I do not. I would call the school where you are doing your prelicensing classes. If you're doing online, I would call a real estate school in Mass. You could always call your states real estate commission or equivelent...
Thanks for your prompt response
@@lemonflavoreds4312 You're very welcome 😁
I have no idea why they still ask this on the exam. The test needs to reflect the reality of how technology has impacted our industry. A simple app on my does instantly calculates this. smh -
I agree... but I have to teach whats on the exam! :o)
I thought you had to divide the principal by 1000
True... for whatever reason students struggle with that... about 15 years ago I started teaching it the way i laid it out in the video and the students overall seem to remember it better. It drives those who are good with math crazy though....
This looks nothing like the amortization table I had at my test.
The look of the tables do change from provider to provider. Another problem is the test administrators often make their own because the testing service doesn't provide them with the correct table... I've had numerous student email me and say this. One student sent me a photo of one that was hand drawn that she had received from the testing administrators
tata
TOTALLY Lost at steps 4 and 5
What are you lost at? Why he divided by 12?
This is actually incorrect. The ratio of interest to principle CHANGES with every month. IN the beginning of the 30 year loan the mortgage payment of $3000 maybe split, $2800 interest, $200 towards the principle. As the loan ages this ration moves in the other direction. By year 25 you may be paying $500 in interest and $2500 towards the principle. This way the bank gets more interest returned in the early years.