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Yes, the result of PMT formula include both principal and interest. I am not against your point. 60% is still a lot. But I think should do the math right.

I think you had a major calculation mistake. The Repayment p.a. Should be the result of following excel formula =PMT(33/480/12,30*12,480000,0)*12 Which is about 37,839 or 60% of income