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Function to establish mortgage bond size.
Can anyone tell me the function in excel to use to establish the mortgage bond size I can get based on the monthly payment I can afford.
I know to use PMT to do it the other way around where I can determine the monthly payment based on a bond value. |
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#2
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Function to establish mortgage bond size.
wrote:
Can anyone tell me the function in excel to use to establish the mortgage bond size I can get based on the monthly payment I can afford. I know to use PMT to do it the other way around where I can determine the monthly payment based on a bond value. Perhaps =PV(monthlyRate,numberOfMonths,-monthlyPayment) |
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#3
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Function to establish mortgage bond size.
On Apr 24, 11:25*pm, "
wrote: Can anyone tell me the function in excel to use to establish the mortgage bond size I can get based on the monthly payment I can afford. I know to use PMT to do it the other way around where I can determine the monthly payment based on a bond value. You can use the PV function as suggested in another reply Ensure to divide the RATE by 12 and multiply the NPER by 12 As you may know the PV function in Excel assumes interest is compounded discretely as in per period compounding There are alternatives to Excel financial functions, for example, TADXL Excel add-in for finance has the same 5 TVM functions of RATE, NPER, PMT, PV, & FV that permit selection of compounding of interest whether it is discrete or continuous |
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