I need a formula to calculate my current mortgage balance (i.e. after 95 month) after paying regular monthly installments. I have tried many different formulas but never got it to work for me. I am sure there must be right formula available here. Anyone can lead me to the right formula? Thanks
Mac mini, iOS 8.1.3
If you want to know the remaining principal balance, the function is CUMPRINC. I think to figure out the remaining principle after the 95th payment it would be (for yearly interest rate of 8%, $100K loan, 30 yr payment schedule with monthly payments)
=CUMPRINC(8%÷12,12×30,100000,95+1,360,0)
Change the 95 to some other number to calculate the balance for a different period
But I don't use these functions very often so I'm not 100% sure that is the exact right format to get the answer you requested.
Have you checked the Mortgage Calculator template (File > New ... Template Chooser)?
The table in the second sheet, 'Monthly Data', should give you what you want (after you first go the 'Calculator' sheet and input four values in the table there).
SG
That would also be a good way to test the formula if all the OP wants is the formula.
Thank you Badunit it worked !
Formula to find present value of a mortgage
