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#1
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loan payments - Interest only?
I know the pmt function allows for a regularly mortgage payment to be calculated, but is there a function, or does anyone know a working formula to calculate an interest only payment? -- Steach91 ------------------------------------------------------------------------ Steach91's Profile: http://www.excelforum.com/member.php...o&userid=30234 View this thread: http://www.excelforum.com/showthread...hreadid=557611 |
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#2
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loan payments - Interest only?
Isn't is just a straight interest calculation? multiply the rate by the principal and that should be the payment. -- Mallycat ------------------------------------------------------------------------ Mallycat's Profile: http://www.excelforum.com/member.php...o&userid=35514 View this thread: http://www.excelforum.com/showthread...hreadid=557611 |
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#3
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loan payments - Interest only?
Steach91 wrote:
I know the pmt function allows for a regularly mortgage payment to be calculated, but is there a function, or does anyone know a working formula to calculate an interest only payment? (You might need to specify whether you are talking about Canadian mortgage or otherwise. I will assume a US mortgage.) It is simply the interest accrued during the month (or payment period). Ostensibly, for a $150,000 loan at 7% interest rate for example, that is simply 150000*7%/12 = $875. And that is indeed what one online interest-only calculator computes. However, for most US loans, I believe interest compounds daily. In order to keep the interest-only payments equal (I presume), I would expect the monthly payment to be $877.47 or a rounded equivalent; that is: =fv(7%/365, 365/12, 0, -150000) - 150000 |
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#4
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loan payments - Interest only?
Whatever the First months Interest Payment is $$$- It is the Same Every
month unless or until you begin paying against the Principal. "Steach91" wrote in message : I know the pmt function allows for a regularly mortgage payment to be calculated, but is there a function, or does anyone know a working formula to calculate an interest only payment? -- Steach91 ------------------------------------------------------------------------ Steach91's Profile: http://www.excelforum.com/member.php...o&userid=30234 View this thread: http://www.excelforum.com/showthread...hreadid=557611 |
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