ExcelBanter

ExcelBanter (https://www.excelbanter.com/)
-   Excel Discussion (Misc queries) (https://www.excelbanter.com/excel-discussion-misc-queries/)
-   -   Need formula for cumulative interest with additional monthly princ (https://www.excelbanter.com/excel-discussion-misc-queries/51988-need-formula-cumulative-interest-additional-monthly-princ.html)

Mortgage Man

Need formula for cumulative interest with additional monthly princ
 
I am trying to determine the amount of interest paid over a period of time on
a loan. I know how to use the cumipmt formula but I would like to be able to
add in extra monthly payments. For example, say my mortgage payment is $500
per month and I have committed myself to adding an extra $100 each month to
pay it off faster. How would I determine the total interest paid from the
start of the loan to a certain period.


All times are GMT +1. The time now is 11:41 AM.

Powered by vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
ExcelBanter.com