Calculating number of periods when payment amount changes
I'm working on a plan to pay off my mortgage early. Each year I plan to
increase the amount I am paying by a fixed amount. For example, this year I will pay $800. Starting next year I will pay $850, the year after that, $900, and so on. I know the NPER function to calculate the number of periods given a rate, fixed payment, and present value. How can I calculate the number of periods required to pay off the loan when the payment is changing, assuming the timing and amount of the change are known? Thanks for your help. |
Don't know what the function might be, but why don't you just create an
amortization table and plug in the extra payments? Col A - Period Col B - Pymt() Col C - Interest Col D - Principal Col E - ADDITIONAL PRINCIPAL PAYMENTS Col F - New Mortgage Balance HTH, -- Gary Brown If this post was helpful, please click the ''''Yes'''' button next to ''''Was this Post Helpfull to you?". "Dan Patrick" wrote: I'm working on a plan to pay off my mortgage early. Each year I plan to increase the amount I am paying by a fixed amount. For example, this year I will pay $800. Starting next year I will pay $850, the year after that, $900, and so on. I know the NPER function to calculate the number of periods given a rate, fixed payment, and present value. How can I calculate the number of periods required to pay off the loan when the payment is changing, assuming the timing and amount of the change are known? Thanks for your help. |
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