Loan Calculator
This report uses three what if parameters to calculate the monthly payments, total interest and the total amount payable for a loan. Simply play with the sliders to see how it affects the payments.
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Assuming you have a table named 'Loans' with the following columns: 'LoanAmount,' 'InterestRate,' 'LoanTerm,' and 'StartDate,' here's how you can use loan calculator bot the monthly payment and total interest paid:
To calculate the monthly payment, you can use the PMT function in DAX. The formula might look like this:
MonthlyPayment = -PMT(Loans[InterestRate] / 12, Loans[LoanTerm], Loans[LoanAmount])
In this formula:
- Loans[InterestRate] / 12 calculates the monthly interest rate (assuming the annual interest rate is in decimal form).
- Loans[LoanTerm] is the total number of monthly payments.
- Loans[LoanAmount] is the principal loan amount
To calculate the total interest paid over the life of the loan , you can use the following DAX formula:
TotalInterestPaid =
VAR MonthlyPayment = -PMT(Loans[InterestRate] / 12, Loans[LoanTerm], Loans[LoanAmount])
RETURN
(MonthlyPayment * Loans[LoanTerm]) - Loans[LoanAmount]
In this formula:
- MonthlyPayment is calculated using the same PMT function as in the previous formula.
- (MonthlyPayment * Loans[LoanTerm]) - Loans[LoanAmount] calculates the total interest paid by subtracting the initial loan amount from the sum of all monthly payments.
Once you've created these DAX measures, you can use them in your Power BI visuals to display the monthly payments and total interest paid for each loan.
Source: https://chat.openai.com/