MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Whatcha got?
Basically I want a formula/function to give me the monthly payments (or work out the interest component) on a mortgage of £X over Y years at Z%...
I know there are online apps to do this but I'd like to make a speradsheet for my own use/portability.
Cheers.
SC
Have a look here http://www.pinelake-marketing.com/Resources/excel-mortgage-calc.html
It always takes me ages to remember how to do it. The help isn't much help either 😕
The function you need is PMT(). Remember to the enter the interest as a decimal monthly e.g apr/12
For a mortgage of £80,000 at 6%APR over 25 years use
=PMT(0.06/12,12*25,80000,0,1)
Someone from here sent me one ages ago. (they made it themselves)
Send me an email (hallidaynickATyahooDOTcom) and I'll send it to you. its VERY good.
Thanks guys.
PMT has sorted it out! Lots of further reading on that site Geoff!
thekingisdead,
just emailed you!
right back at ya! 😉
mail in profile if you still need one...