Summing totals through IF function...

Ok, I'll try to explain this well, but I am notorious for explaining things terribly.

I am working on this spreadsheet for work. In column E is the order status and in column I is the total expense (factoring in cost and qty). So I has a formula like G2*F2, for example.

What I am trying to do is have the formula look at the order statuses in column E and total the dollar amounts attached to the status of those orders and sum them up. So, for example, if I wanted to see everything "On Hold" I'd enter this formula I am trying to figure out, and it would should me the sum for everything on hold.

Right now, I've been working with these formulas, but noticed there would be a problem (most likely) with Excel not looking at each occurence of the word "On Hold"; it would more than likely just stop at the first one:

=IF(E2:E51="On Hold,I2,"0") or =IF(E2:E51="On Hold,I2:I51,"0")

and

=IF(VLOOKUP("On Hold",E2:E51,1,FALSE)="On Hold",I2,"0")

But neither work and usually get #VALUE!

I found this does work:

=IF(E2="On Hold",I2,"0"), but then I'd have to do:

=IF(E2="On Hold",I2,"0")+IF(E3="On Hold",I3,"0")+etc.....

But the end result would be a function for only one cell that contains like over a hundred calculations. I'd be time consuming and a pain to maintain.

Any other suggestions?

Thanks again for the help!

Uro