how do I figure out mortgage payment term?

[Dillon and Associates]

I have an amortization schedule in Excel so that I can easily figure
out what my monthly payment would be for a loan with a certain
principal, interest rate and number of payments.

However, I'm trying to determine an easy way to figure out how many
payments it would take to pay off a loan with a certain pricipal,
interest rate and a monthly payment amount that is already set. For
example, how many months would it take to pay off a loan of $100,000
at 6.0% if I pay $1,200 every month.

If you know this, please email me at (e-mail address removed).

Thank you in advance.

Nate

 

[Ron Rosenfeld]

$100,000
at 6.0% if I pay $1,200 every month.

Look at the NPER function. In your example:

=NPER(Rate/12,-Pmt,Principal) or a fraction more than 108 monthly payments.
--ron

 

[Dale Hymel]

Another way would be to se up a PMT() function, then do a Goal Seek for the
number of months.

 

[Chaz Puzzanchera]

There is an excel template available from microsoft that is all set to
do this.