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saturation's avatar
saturation
Frequent Visitor
6 years ago
Solved

Mortgage Payment Calculation

Hi, I've checked the forums....It doesn't appear it's possible to do mortgage amortization, but I'm wondering if it's possible just to calculate a simple monthly payment based on # years, rate, and p...
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  • v-juanli-msft's avatar
    v-juanli-msft
    6 years ago

    Hi FAIRFIELD1511 

    I modify my formula according to this article.

    Assume the second line is :

    you borrow 25000 at 0.0425 rate for 30 years,

    then formula for part1-part3 are as follows:

    monthly rate = [yearly rate]/12

part1 = POWER(1+[monthly rate],[years]*12)-1

part2 = [monthly rate]*POWER(1+[monthly rate],[years]*12)

part3 = [part1]/[part2]

Loan payment monthly = [loan amt]/[part3]

    Best Regards
    Maggie
    Community Support Team _ Maggie Li
    If this post helps, then please consider Accept it as the solution to help the other members find it more quickly.

     

v-juanli-msft's avatar
v-juanli-msft
Community Support
6 years ago

Hi saturation 

Could you show some data example or details of your requirement?

 

There are some examples of Mortgage Payment Calculation in Power BI:

https://community.powerbi.com/t5/Data-Stories-Gallery/Loan-Calculator/td-p/242585

https://www.youtube.com/watch?v=H65PLeAglBM

 

Best Regards
Maggie
Community Support Team _ Maggie Li
If this post helps, then please consider Accept it as the solution to help the other members find it more quickly.
saturation's avatar
saturation
Frequent Visitor
6 years ago

The loan calculator is pretty close. Basically, here's what I've got (static data, no need for the sliders).

 

ID  |  Loan Amt  |   Years   |    Rate     |     Monthly Pymt   |   Interest

1        10000            5             .0375   |         150                |     20

2         25000           30           .0425    |         250             |       35

 

The Monthly Pymt and Interest columns are the data that I need....Thoughts?

  • smpa01's avatar
    smpa01
    Community Champion
    6 years ago

    saturation   I calculated them as following. Can you please advise how did you arrive on those numbers for those two columns?

     

    IDLoan AmtYearsRateFV# MonthsMonthly PMT
    11000050.0375$12,021.0060$200.35
    225000300.0425$87,140.88360$242.06
    • saturation's avatar
      saturation
      Frequent Visitor
      6 years ago

      smpa01 They're not real, only for display only purposes....I'm just looking to see how to get them to calculate properly (the last 2 columns), whatever they may be....

      • smpa01's avatar
        smpa01
        Community Champion
        6 years ago

        saturation  DAX (faster)/ M (slower) query can aboslutely cater to your need to prepare a dynamic amortization schedule, once you figure out how you can replicate excel CUMIPMT and CUMPRINC

  • v-juanli-msft's avatar
    v-juanli-msft
    Community Support
    6 years ago

    Hi saturation 

    If i understand the Mortgage Payment Calculation correctly,

    And your [rate] is monthly rate,

    You could create calculated columns in Power BI Desktop

    monthly pymt =
VAR power1 =
    POWER ( ( 1 + [rate] ), [years] * 12 )
RETURN
    [loan amt]
        * DIVIDE ( [rate] * power1, power1 + 1 )

    total interest = [monthly pymt]*[years]*12-[loan amt]

     

     

    Best Regards
    Maggie
    Community Support Team _ Maggie Li
    If this post helps, then please consider Accept it as the solution to help the other members find it more quickly.

     

    • FAIRFIELD1511's avatar
      FAIRFIELD1511
      Regular Visitor
      6 years ago

      Thanks v-juanli-msft . I think your formula is very close, although there's a miscalculation somewhere, and I can't seem to locate it. Basically if I do mortgage calculator for the 2nd loan in the example (just googled it), the actualy monthly payment should come out to $123. I'm struggling to figure out where in the formula needs to be corrected...

      • FAIRFIELD1511's avatar
        FAIRFIELD1511
        Regular Visitor
        6 years ago

        @v-juanli-msft Any thoughts on the monthly payment results provided from the Google mortgage calculator vs what your results look like in the example? Just trying to figure out where the formula needs to be corrected. Any help is appreciated!