Hi,

Give "Loan Template" as Serach topic in the Excel on-line help. You will get
a list of all available templates loan and amotization templates.

Challa Prabhu

"Bernie Deitrick" wrote:

Brian,

A1 12
A2 30
A3 180000
=PMT(0.0625/A1,A1*A2,A3)

With the above formula, you can change A1 from 12 to 24 to see your savings. Which won't be much -
$0.49 per month.

The real change in interest costs is when going to bi-weekly payments from monthly, BUT you make
half of the monthly payment every two weeks, not what PMT would return. Basically, you end up
making 26 halves of your monthly payments per year, for a total of 13 months of payments instead of
12. Then the power of compounding kicks in....

HTH,
Bernie
MS Excel MVP


"Brian" wrote in message
...
I believe I have uncovered an error on this template when trying to change
the number of payments per year and have it calculate the Actual Number of
Payments required. If for example I enter
Loan Amount: $180000
Int rate: 6.25
Loan Period yrs: 30
Num of Payments: 12
Start Date: 8/1/2007
...everything computes just fine (scheduled # payments & actual # payments =
360). If however I wish to understand how to see how bimonthly payments can
help my overall payment schedule and total interest I would think all I need
to do was enter: Number of Payments per yr: 24. Unfortunately when I do,
the scheduled # payments is correct at 720, however the Actual number of
payments can never go higher than 361 which is absolutely incorrect. If you
wish to verify, just go the bottom of the schedule and see how much balance
you have left!
Can anyone help???