Help!!! Need Mortgage formula...

jimmar123 · Apr 19th, 2002, 09:14 AM

Ok Experts:

Please help a newbie out. Here is the scenario:

Principal of a loan is $90,000. Annual Interest rate is 7%. My monthly payment is $698.77.

What is the formula for calculating how long it will take me to pay this loan off?

Been banging my head against the wall trying to figure it out. Please help...Thanx in advance!!

IML · Apr 19th, 2002, 09:19 AM

you can use
=NPER((0.07/12),-698.77,90000)

I believe the British mortgage system would be
=NPER((0.07/12),-698.77,90000,,1)

note the rate must be adjusted to monthly

[ This Message was edited by: IML on 2002-04-19 08:22 ]

[ This Message was edited by: IML on 2002-04-19 08:23 ]

[ This Message was edited by: IML on 2002-04-19 08:24 ]

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Apr 19th, 2002, 09:14 AM	#1
jimmar123 New Member Join Date: Apr 2002 Posts: 5	Ok Experts: Please help a newbie out. Here is the scenario: Principal of a loan is $90,000. Annual Interest rate is 7%. My monthly payment is $698.77. What is the formula for calculating how long it will take me to pay this loan off? Been banging my head against the wall trying to figure it out. Please help...Thanx in advance!!

Apr 19th, 2002, 09:19 AM	#2
IML MrExcel MVP Join Date: Feb 2002 Location: Denver, CO Posts: 1,744	you can use =NPER((0.07/12),-698.77,90000) I believe the British mortgage system would be =NPER((0.07/12),-698.77,90000,,1) note the rate must be adjusted to monthly [ This Message was edited by: IML on 2002-04-19 08:22 ] [ This Message was edited by: IML on 2002-04-19 08:23 ] [ This Message was edited by: IML on 2002-04-19 08:24 ]