I'm a bit stuck. I know how to calculate interest and principal payments on a mortgage, but I am trying to calculate the length of period for a certain principal repayment. To illustrate: Lets say I have a mortgage of 100.000 at 5% interest paid down monthly over 20 years. I want to use Excel to find out when the principal is 90.000. (Of course, doing it manually I find that the answer is 3 years and 2 months, but I was hoping there was a way to find out how to do it in Excel).
-Sturla
Use the NPER formula. =NPER(.05/12,-.66,100,-90). The payment is not precise, but you can substitute the Pmt formula for it to get an exact NPER. Also, note that the payment per month and future value must be the same sign and opposite of the present value. This formula will return the number of months until the FV desired is reached.
Last edited by darkyam; 01-16-2009 at 11:48 AM.
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