Weighted Average Loan Payment Formula

gjeberly

New Member
Joined
Aug 20, 2019
Messages
4
Hi everyone,

I'm attempting to create a formula that calculates a "paid-to date" for a loan that has multiple principal balances. I want to be able to plug in a payment amount and have a formula in the Interest Paid-to column determine the paid-to date by applying the payment to the loan with the oldest closing date until it is caught up to the next one.

For example, if a payment of $5,200 was made in October, the paid-to dates would move forward as follows:

111223a: 10/02/19 ($5,166.67/$166.67 = 31 days)
111223b: 10/02/19 ($33.33/$33.33 = 1 day)
111223c: 11/01/19
Loan NumberSubject AddressLoan Amount Interest RateFunding DateClosing DateInterest Paid-toDaily Interest Rate
111223a123 ABC Street 500,000.0012.00%09/01/1909/01/1910/02/19 166.67
111223b123 ABC Street 100,000.0012.00%09/25/1910/01/1910/02/19 33.33
111223c123 ABC Street 300,000.0012.00%10/25/1911/01/1911/01/19 100.00

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My initial thought was to figure out a weighted average system to apply the daily interest rate weighted by the closing date using SUMPRODUCT, however I can't seem to work anything out. Ultimately I need the formula to turn the payment into a number of days based on the daily interest rate, and keep the paid-to dates even for all three principal balances once it passes the closing date for each.

Any input would be appreciated, thank you!
 

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