By Admin on Jul 13, 2009 in Software
Sarah asked:
I have made an amortization table, and I now need to figure out how to add 100 dollars to the payment of the loan. It is for a 200,000 loan over 15 years with an interest rate of 4.59%. Right now the payments are at 1539.20 and the formula for that is =0.0459/12. Any help would be greatly appreciated. Thanks in advance.
I have made an amortization table, and I now need to figure out how to add 100 dollars to the payment of the loan. It is for a 200,000 loan over 15 years with an interest rate of 4.59%. Right now the payments are at 1539.20 and the formula for that is =0.0459/12. Any help would be greatly appreciated. Thanks in advance.
It’s not easy telling you how to change a table we can’t see, but I can tell you the the formula you gave is for one month’s interest and would not change with the size of the monthly payment. What you need to do is find the number 1539.20 in the table and change it to 1639.20.
If the the change is to be from the start date of the loan, you need to be certain that the place you change shows 1539.20 in both the cell and the formula bar and you need to change every place that 1539.20 appears in the cell and formula bar until it does not appear in any cell.
When you get that done you should find that the loan will now be paid off in 13 years and 10 months with a last payment of $1096.05.
If the change is to start sometime after the first payment(s) have benn made you should verify the current balance against the amortization table (to ensure you and the bank agree) and then build a new table starting using the current balance and new payment amount.
Gary E | Jul 13, 2009 | Reply