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formulating a balance when a loan payment is made
I am setting up a budget on Excel. I want to show the balance after I make my
payment minus the interest rate and escrow. (Sometimes I also pay more than the minimum due.) What kind of formula do you use for this ? |
#2
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formulating a balance when a loan payment is made
On each row, you'd indicate the total amount paid, then split this up into:
1) escrow (a fixed amount, probably chaning once per year), 2) interest, calculated as prior month's ending balance * interest rate / 12, 3) principle, calculated as the total paid minus escrow and interest, 4) new balance, calculated as prior balance minus principle. "Kim2000" wrote: I am setting up a budget on Excel. I want to show the balance after I make my payment minus the interest rate and escrow. (Sometimes I also pay more than the minimum due.) What kind of formula do you use for this ? |
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