On Tue, 4 Apr 2006 13:54:52 +0200, "Niek Otten"
First try to make sure what the term is exactly.

True, same here, my calcs came within $10 of the banks.





Interest Rate 7.50%
Period for interest 1
Years of loan 20
Value of Loan $58,655.28
Lump Sum Payment $5,000.00
Current Interest Payment -$332
=IPMT(E49/12, E50*3, E51, E52)
After Lump Sum Payment# -$304
=IPMT(E49/12,E50*3, E51,(E52-E53))
Savings over 6 mnth of making payment -$170
After Penalty Payment $30

Has been fun, thanks

Images of home (NZ)
http://www.titahi-bay.co.nz/home
What we are up to in the UK
http://www.titahi-bay.co.nz