I am looking for a formula to calculate the repayment terms for an interest and capital mortgage.?
I am looking to remortgage (uk) my home and am looking for a formula i can put in a spreadsheet to calculate the monthly repayments. the loan amount is £158,000, the term is 21 years and the interest rate is 6%. i would like a formula that i can vary the term to reduce the interest paid. it is an interest and capital repayment mortgage. thanks
Answer
Ok i did this yesterday, here goes:
using excel type in your figures in columns
then go to insert on the
l bar and click on function, then click on pmt enter your figures in the correct boxes and click ok you have
got your formula! if you have any problems click on the help link on the bottom left.
