loan/lease repayment using IPMT/CUMIPMT

[zardozoz]

I have been trying to create a monthly loan/lease calculation where there is
a residual at the end of a 5 year term. I am happy with each month (using
IPMT), but when tried to use CUMIPMT do make a compact form rather than 60
lines, the term involving residual (ie future value) is missing and the total
calc does not equal the sum of each month. Any leads?

 

[Vacation's Over]

CUMIPMT assumes a fully amortizing loan.
if there is a residual value you need to add an interest only calculation on
the residual to the CUMIPMT calculation

 

[zardozoz]

It all seesm so obvious once somelse can put you on the right track and
explain it properly. Take the cumipmt calc for the amount excluding residual
and add the reisdual int calc as well. But why does the cumipmt assume a full
amortization, whereas ipmt doesn't?
Thanks