Trying to Manipulate a Mortgage Payment (HELP!)

[DC]

I'm trying to prove how fast a mortgage can be payed off by applying
the next months principle payment to the current months payment. I
need help writing the formula. I have found many calculators that
will give your payment and such but I just cant figure out how to
write it.

Here is what I want to do.
$100,000 loan at 6.00% interest for 360 months
I want to be able to show her how much the payment will be. How much
of each payment will be interest, and principle. Then show her in a
formula if we were to apply next month principle, how much the payment
will be and how fast the loan will be payed off.

This is all I have been able to figure out...

Cell B2 = [=B1*((1+0.06/360)^30)-C2]

B1=Loan Amount
C2=Payment (have to guess at the payment)

Thanks for any help given!!
DC

 

[JudithJubilee]

Hello there,

Have a look at the PMT function in the helps files.
It give you examples of exactly what you are looking for.

Hope this helps

Judith