Monthly Mortgage Calculation using Pmt Function

[Guest]

I'm trying to calculate a monthly mortgage payment in Access using one of
their built-in functions. I noticed the following functions exist...

Pmt
PPmt

and a few others...

What I'm trying to do is have Access calculate a monthly payment based on
input fields where the user provides LOAN AMOUNT, INTEREST AMOUNT, and
PAYMENT TERMS.

Using my financial calculator:
LOAN AMOUNT = $167,750
INTEREST AMOUNT = 4.5%
PAYMENT TERMS = 360

My MONTHLY P&I on my financial calculator amounts to $849.96. This is what
I'm trying to calculate in Access. Anyone know how to do this either using
Access' built-in functions or perhaps creating the formula all on my own?

Any help/advice is greatly appreciated. Thanks in advance and happy holidays!

 

[MacDermott]

From the Access (Visual Basic) Help File:

Pmt Function Example
This example uses the Pmt function to return the monthly payment for a loan
over a fixed period. Given are the interest percentage rate per period (APR
/ 12), the total number of payments (TotPmts), the present value or
principal of the loan (PVal), the future value of the loan (FVal), and a
number that indicates whether the payment is due at the beginning or end of
the payment period (PayType).

Dim Fmt, FVal, PVal, APR, TotPmts, PayType, Payment
Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made.
Fmt = "###,###,##0.00" ' Define money format.
FVal = 0 ' Usually 0 for a loan.
PVal = InputBox("How much do you want to borrow?")
APR = InputBox("What is the annual percentage rate of your loan?")
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
TotPmts = InputBox("How many monthly payments will you make?")
PayType = MsgBox("Do you make payments at the end of month?", vbYesNo)
If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD
Payment = Pmt(APR / 12, TotPmts, -PVal, FVal, PayType)
MsgBox "Your payment will be " & Format(Payment, Fmt) & " per month."

 

[Guest]

Thanks, that worked perfectly.

From the Access (Visual Basic) Help File:

Pmt Function Example
This example uses the Pmt function to return the monthly payment for a loan
over a fixed period. Given are the interest percentage rate per period (APR
/ 12), the total number of payments (TotPmts), the present value or
principal of the loan (PVal), the future value of the loan (FVal), and a
number that indicates whether the payment is due at the beginning or end of
the payment period (PayType).

Dim Fmt, FVal, PVal, APR, TotPmts, PayType, Payment
Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made.
Fmt = "###,###,##0.00" ' Define money format.
FVal = 0 ' Usually 0 for a loan.
PVal = InputBox("How much do you want to borrow?")
APR = InputBox("What is the annual percentage rate of your loan?")
If APR > 1 Then APR = APR / 100 ' Ensure proper form.
TotPmts = InputBox("How many monthly payments will you make?")
PayType = MsgBox("Do you make payments at the end of month?", vbYesNo)
If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD
Payment = Pmt(APR / 12, TotPmts, -PVal, FVal, PayType)
MsgBox "Your payment will be " & Format(Payment, Fmt) & " per month."