Mortgage Spreadsheet Help


Posted by M Jones on June 20, 2001 9:48 AM

What formula can I put into Mortage Payment that will create a zero balance at the end of 30 years?

I have the following info:
Mortgage Balance: $1000
Mortgage Rate: 5%
Mortage Payment: ???
Balance at the end of 30 years: $.02

I am able to calculate balance at end of 30 years through the cumipmt function:
=-cumipmt((E$3/12,360,E$2,$D11,$D11,0)

Currently I get the mortgage payment number by getting the end balance as close to zero through trial and error.



Posted by lenze on June 20, 2001 10:36 AM

Use the PMT function