Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest rate.
Thanks Ron

You don't need the sum, and you don't need to multiply by -1, and assuming
that the interest is calculated annually, then

=-(B3*B4)/12

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest rate.
Thanks Ron

"Bob Phillips" wrote in message
...
You don't need the sum, and you don't need to multiply by -1, and assuming
that the interest is calculated annually, then

=-(B3*B4)/12

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest rate.
Thanks Ron


Hi thanks for the quick reply however I have just had a notice from my
mortgage company, as the interest rate is decreasing and their calculations
for a mortgage of £45397.72 and an interest rate of 5.6%, gives a monthly
payment of £210.91, whereas my formula gives £211.83. They must use a
different formula.

As there is a shortfall in my endowment I was trying to find out the
difference in paying money into my mortgage account as against using an ISA
to make up the shortfall.



Ron

Are you sure it is 5.6%, not 5.575%.

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...

"Bob Phillips" wrote in message
...
You don't need the sum, and you don't need to multiply by -1, and
assuming
that the interest is calculated annually, then

=-(B3*B4)/12

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest
rate.
Thanks Ron


Hi thanks for the quick reply however I have just had a notice from my
mortgage company, as the interest rate is decreasing and their
calculations
for a mortgage of £45397.72 and an interest rate of 5.6%, gives a monthly
payment of £210.91, whereas my formula gives £211.83. They must use a
different formula.

As there is a shortfall in my endowment I was trying to find out the
difference in paying money into my mortgage account as against using an
ISA
to make up the shortfall.



Ron

"Bob Phillips" wrote in message
...
Are you sure it is 5.6%, not 5.575%.

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...

"Bob Phillips" wrote in message
...
You don't need the sum, and you don't need to multiply by -1, and
assuming
that the interest is calculated annually, then

=-(B3*B4)/12

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest
rate.
Thanks Ron


Hi thanks for the quick reply however I have just had a notice from my
mortgage company, as the interest rate is decreasing and their
calculations
for a mortgage of £45397.72 and an interest rate of 5.6%, gives a monthly
payment of £210.91, whereas my formula gives £211.83. They must use a
different formula.

As there is a shortfall in my endowment I was trying to find out the
difference in paying money into my mortgage account as against using an
ISA
to make up the shortfall.



Ron

on the letter it says 5.6%
Ron

What is the amortization period of the mortgage and the conversion periods (i.e. is the
rate compounded monthly/semi annually...).


--
Regards;
Rob
------------------------------------------------------------------------
"Ron" wrote in message ...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest rate.
Thanks Ron

"RWN" wrote in message
...
What is the amortization period of the mortgage and the conversion periods
(i.e. is the
rate compounded monthly/semi annually...).


--
Regards;
Rob
------------------------------------------------------------------------
"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest rate.
Thanks Ron


Does it matter what the amortization period of the mortgage is on an
interest only mortgage? It has about 6 years left until the first endowment
is paid. The interest is calculated daily. I wondered why the mortgage
company had a different monthly payment from me. As I said in an earlier
post they must use a different formula.
Ron

I'd go with Bob's suggestion that the rate is probably 5.575%. On your
document, I would think they've used 5.6% as a convenience. As the actual
rate used seems to be lower, you're not losing :-)

--
Andy Wiggins FCCA
www.BygSoftware.com
Excel, Access and VBA Consultancy
-

"Ron" wrote in message
...

"RWN" wrote in message
...
What is the amortization period of the mortgage and the conversion
periods
(i.e. is the
rate compounded monthly/semi annually...).


--
Regards;
Rob
------------------------------------------------------------------------
"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest
rate.
Thanks Ron


Does it matter what the amortization period of the mortgage is on an
interest only mortgage? It has about 6 years left until the first
endowment
is paid. The interest is calculated daily. I wondered why the mortgage
company had a different monthly payment from me. As I said in an earlier
post they must use a different formula.
Ron

Are payments at start or end of month?
--
Bernard V Liengme
www.stfx.ca/people/bliengme
remove caps from email

"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest rate.
Thanks Ron

the formula stands correct you need to add decimal points to it thats
all and format the cell property to currency....

I got a lot of my begginer help on this site... cool


they teach you by making a,

time sheet, Invoice and cheek book from scratch on Windows media Player
very cool


www.MDOTutorials.com


--
Route2391
------------------------------------------------------------------------
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