All,

I'm based in the UK and I'm trying to get to the bottom of a dilemma that
I'm facing - "How do I calculate how much the monthly repayment will be for a
loan that features two interest rates?"

I know the following:

Principal - £50,000
Interest compounded - Daily (probably 360 days)
Interest rate - 5% for 10 years
Reverting to - 7% for 5 years
Total mortgage duration - 15 years

I've already tried the following function
"PMT((1+5%/360)^(360/12)-1,15*12,-50000)", but this only allows for one
interest rate and doesn't account for the rate change, later in the term.

Any pointers???

Many thx.

S