How to calculate my mortgage payments interest part?

[Grd]

Hi there,

I'd like to know how much of my mortgage payment is interest and how much is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

 

[Ron Coderre]

For the interest in a specific payment:
Use the IPMT function

For the interest paid during a specific range of payments:
Use the CUMIPMT function

Both are fairly well documented in Excel Help.

Does that help?
--------------------------

Regards,

Ron
Microsoft MVP (Excel)
(XL2003, Win XP)

 

[DM]

yes it's possible as Ron explained. however, if this is other than a
learning experience (gee wiz), I recommend ensuring you get the annual tax
statement from your mortgager as required by law for your tax break
purposes.

 

[Mike H]

A> learning experience (gee wiz), I recommend ensuring you get the annual tax

statement from your mortgager as required by law for your tax break
purposes.

As required by law in which country?

 

[gls858]

Hi there,

I'd like to know how much of my mortgage payment is interest and how much is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

Ask your lender for a loan amortization. It should give you a break out
of interest and principal by payment for the term of the loan. My bank
actually shows those two amounts on each payment I make. If your bank
has online banking you might check there for the info.

gls858

 

[Gord Dibben]

Download the Loan Amortization Template from the Template Gallery.

http://office.microsoft.com/en-us/templates/TC010197771033.aspx?pid=CT101172751033

 

[msc3]

Download the Loan Amortization Template from the Template Gallery.

http://office.microsoft.com/en-us/templates/TC010197771033.aspx?pid=CT101172751033

I created a demo explaining how to read and use this template. My favorite
part is that you can add all kinds of different additional payments and
easily see how that would affect the payoff timeframe. You can find the demo
at http://www.yourtwobits.com.