Are you math impaired, or logic impaired?
The only way your formula works is if the alternative is living in your car.
We'll use round numbers to make it easy. You do know what round numbers are, don't you?
Okay. Let's start.
Let's say your mortgage is $1,000.
There are 12 months in a year. With me so far?
12 x $1,000 (that little "x" represents "multiplied by" or "times") = $12,000. Write that number down somewhere. We will be coming back to it.
Still following?
Now, let's say the interest on that payment is $500.
Take that and multiply it by 12 and write that number down.
Now, subtract that number from the first number, $12,000.
Which number would your rather have in your bank account?
I must leave for work now, so you have 10 hours to work on this.
I'll be back to grade your answer tonight.