I've spent several hours trying to create an amortization schedule that allows me to add additional principal payments, but I've ended up frustrated. I found an 11 year old message for modifying the built in template, but it seems pretty cryptic as I think the 11 year old template was different than the one that is supplied today.
Any help would be appreciated.
MacBook Pro, OS X 10.11
By asking the question in that way I realized what I had to do. Not use the functions. I have now solved my now problem.
Good to hear. :-)
Usually, for the benefit of others with the same question in the future, the Solved marker is placed on a post carrying the solution to the issue. You could accomplish much the same thing by supplying your solution in a new post, replying to the one marked Solved, then marking that one "Helpful". Those markers would bring both posts t the top of the list where they'd be the first things visible to a newcomer arriving at this topic.
Regards,
Barry
A link to the earlier solution you found might help find a crrrent solution. Amortization calclations haven't changed much in the past decade or so.
Regards,
Barry
This is the earlier message that I found that supposedly alters the built in template, but I found it quite cryptic.
https://discussions.apple.com/thread/1852320
I'll ask my question in a different way.
To calculate the interest on the first payment on a $350,000 mortgage at 3.25% with a 30 year term, the formula is
IPMT(.0325÷12,1,360,350000) (I think I got that right; I converted from cells in my spreadsheet)
Now suppose in that first payment, I include an additional $1,000 principal. What is the formula to calculate the interest of the second payment?
It's not simply IPMT(.0325÷12,2,360,350000), because I've changed the amortization schedule with the additional principal. The total number of payments has now changed, but I don't know to how many. That's what I need to know. This is all probably very simple and I'm too dense to see it, but I'd appreciate it if someone could point it out.
Thanks.
Amortization schedule with additional principal
