Determine Number of Monthly Loan Payments with Additional Payments

[legalhustler]

The loan term is 30 years, so to get the number of monthly payments I would calculate 30 (years) X 12 (months)= 360 (months), but how do I calculate the number of monthly payments if I make additional amount of (equal/fixed) payments each month?

If I make additional equal payments, obviously the number of monthly payments should be lower. Can someone advise on this formula.

Thanks!

 

[Dave Patton]

try
NPER function in Microsoft Excel.
Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate.

 

[legalhustler]

try
NPER function in Microsoft Excel.
Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate.

I haven't used that function before. Here is my loan detail:

Loan Amount is $190,000 (cell A1)
Annual Interest Rate is 5% (A2)
Monthly Payment Amount is $1019.96 (A3)
Extra Payment Amount is $20 (A4)

How would I calculate the NPER to determine how many months it would take if I make $20 extra payment to my Monthly Payment Amount?

Thanks.

 

[BadgerRoad]

=nper(a2/12,-(a3+a4),a1)