formula to find out how long it takes to pay off mortgage loan

[ihilani707]

Need formula and how to set it up on my spreadsheet. Original balance, p&i
payments, interest rate, term, and extra payment going to principal balance
every month.

 

[Ron Rosenfeld]

Need formula and how to set it up on my spreadsheet. Original balance, p&i
payments, interest rate, term, and extra payment going to principal balance
every month.

If your payments each month are the same, you can use the NPER function. See
HELP for this function.

If your payments are monthly, don't forget to divide the interest rate by 12.

Also, your payments would be the sum of P&I plus extra principal payment.

If your payments are NOT the same, then you will probably have to construct an
amortization table.




--ron

 

[Gord Dibben]

How about a nice Mortgage Amortization Template?

http://office.microsoft.com/en-us/templates/TC010197771033.aspx?CategoryID=CT011377171033

Download and just type the data into the appropriate cells as instructed.

Gord Dibben Excel MVP