Help! Need to find total interest paid on mortgage per year - out to 5
years. Only way I can seem to do it is to find IPMT per month add the
formulas up for the year. Any other way? Something I'm missing? thanks

Look here, Microsoft has many templates that could help you

http://office.microsoft.com/en-us/te...377171033.aspx

Charlie

"ziak" wrote:

Help! Need to find total interest paid on mortgage per year - out to 5
years. Only way I can seem to do it is to find IPMT per month add the
formulas up for the year. Any other way? Something I'm missing? thanks

A simpler way would be to calculate the principal paid between the two periods,
then subtract from the payments made.

Suppose you want to calculate the interest paid during payments 5 to 60:

a1=FV(rate,5,pmt,-pv)-FV(rate,60,pmt,-pv) -- gives you the reduction in
principal during that period.

=pmt*(60-5)-a1 -- gives you the interest paid in the period.

--
Regards,
Fred


"ziak" wrote in message
...
Help! Need to find total interest paid on mortgage per year - out to 5
years. Only way I can seem to do it is to find IPMT per month add the
formulas up for the year. Any other way? Something I'm missing? thanks