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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...
Need Help
  • 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 

Is this problem sloved? 
If it is sloved, could you kindly accept it as a solution to close this case?
If not, please let me know.
 
Best Regards
Maggie