Mortgage Payment Calculator

choff@mackenzieford · Apr 3rd, 2003, 09:56 PM

I need formula for motgage payment calculation. I have been trying PMT formula but maybe not inputiing correct data because I am getting goofy answers??

Sample problem:

PV = $500,000
Nper = 360 months
i% = 5.50%
solution: PMT = $2838.95

Please help, Chuck

Dave Patton · Apr 3rd, 2003, 10:29 PM

=PMT gives $2,838.95.

What result are you getting or what do you expect?

Ensure that your formula reflects interest per month since your payments
are probably number of months.

If references are for interest per year and
number of years use a formula like

=PMT(B4/12,B3*12,B2)

Check Help for additional information.

If your mortgage uses special calculation rules, please advise.

Apr 3rd, 2003, 09:56 PM	#1
choff@mackenzieford Join Date: Feb 2003 Posts: 13	Mortgage Payment Calculator I need formula for motgage payment calculation. I have been trying PMT formula but maybe not inputiing correct data because I am getting goofy answers?? Sample problem: PV = $500,000 Nper = 360 months i% = 5.50% solution: PMT = $2838.95 Please help, Chuck

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Apr 3rd, 2003, 10:29 PM	#2
Dave Patton Join Date: Feb 2002 Location: Calgary, Alberta Canada Posts: 1,420	=PMT gives $2,838.95. What result are you getting or what do you expect? Ensure that your formula reflects interest per month since your payments are probably number of months. If references are for interest per year and number of years use a formula like =PMT(B4/12,B3*12,B2) Check Help for additional information. If your mortgage uses special calculation rules, please advise.