Interest PMNT per Year on Mortgage

[Guest]

Help! Need to find total interest paid on mortgage per year - out to 5
years. Only way I can seem to do it is to find IPMT per month add the
formulas up for the year. Any other way? Something I'm missing? thanks

 

[Guest]

Look here, Microsoft has many templates that could help you

http://office.microsoft.com/en-us/templates/CT011377171033.aspx

Charlie

 

[Fred Smith]

A simpler way would be to calculate the principal paid between the two periods,
then subtract from the payments made.

Suppose you want to calculate the interest paid during payments 5 to 60:

a1=FV(rate,5,pmt,-pv)-FV(rate,60,pmt,-pv) --> gives you the reduction in
principal during that period.

=pmt*(60-5)-a1 --> gives you the interest paid in the period.