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The frequency-based functional transformation method (FTM) is a well established method for the physical modeling of musical instruments. It provides an analytical solution of physical problems and has therefore direct access to the physical parameters of the vibrating object. Until now, the FFM realization was performed using digital filters running at full audio rate without any downsampling, leading to high computational costs for the simulation. The paper extends the FTM to multirate realizations and shows that this approach leads to computational savings up to 78% without any sound degradation.