XL calculation formula

[Learning Excel]

I've been looking, without luck, for formulas in Excel to calculate
interest, let's say for buying a house, car...
Basically it could be a FORMULA, TEMPLATE or WEBSITE (on how to set it)
and something simple for starters like me.
Lets say I give this information :
price of house ( $ )
interest ( 5% fixed)
amount of years of ref. ( ej. 30)
Then the expected outcome in other cell will be The monthly payments coming
from equal division of those 30 years after applying the 5% to the loan.
Calculation will vary depending on the amount, years and percent rate for
each case.
If someone have formulas just throw it in, I can manage to work it out with
the
cells.
A downloadable template or website also will be appreciate it.
THANKS in advance.

 

[Bernard Liengme]

Have a look in Help at PMT
Remember if annual rate is 5% and you are paying monthly then use 5%/12 for
rate and years*12 for the period (numbers of payments)
To get more info and link to templates, Google with : EXCEL LOAN PAYMENT
best wishes

 

[ShaneDevenshire]

Hi,

You could consider the PMT, PPMT, and IPMT functions. These work for fixed
interest loans, not variable. The PPMT calculates the portion of the payment
that goes to principle, IPMT calculates the portion that goes to interest and
PMT calculates the total, or you can just add PPMT to IPMT.

The Rate arguments usually are something like 5%/12 for the monthly rate and
the Nper (number of periods argument) is usually 30*12 (years*months/per
year) because payments are made on a monthly basis.

 

[Learning Excel]

I did both, Thanks Bernard for you help and time.
I also found out is was not as simple as I presumed, but excel is a great and
wonderfull program. Thanks also to all participants in this forum.
--
Socrates said: I only know, I don''''t know nothing.
I say : I don''''t even know, I don''''t
know nothing.

Have a look in Help at PMT
Remember if annual rate is 5% and you are paying monthly then use 5%/12 for
rate and years*12 for the period (numbers of payments)
To get more info and link to templates, Google with : EXCEL LOAN PAYMENT
best wishes

 

[Learning Excel]

THANKS! ShaneDevenshire, information was great.