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financial function
Hello. I just bought a house and used the PMT and PPMT function to
calcualate payments, interest, principal on my loan. Is there a function to calculate the effect of paying additional principal? For instance, the PMT function calculates a monthly payment of 878.23. I want to be able to figure out how much time will be cut off if I paid 950 per month. Thanks. Wendy |
#2
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financial function
On Oct 14, 5:58*pm, wen22222
wrote: the PMT function calculates a monthly payment of 878.23. *I want to be able to figure out how much time will be cut off if I paid 950 per month. * As long as the excess monthly payment is constant, use NPER. For example, a $100,000 loan at 6.6% with monthly payments of 878.23 is paid off in 15 years (last payment is $381.40). If you pay 950, NPER(6.6%/12, -950, 100000) is 158 months (rounded up), which is 13 years and 2 months (last payment is about $666). |
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