That was a great video,are the functions preloaded,I'm not computer savy,and I can't excell to do a slow motion version while I listen to you.does excell have this type of template or must it be done by scratch thank you
You could just take your current balance and number of remaining payments as your starting point and then subtract $10000 from your current balance before using the =-PMT function.
Any chance you would know the Excel formula to track the P & I on incoming payments on a mortgage and calculate it based on the date the payment is made? Thanks.
It looks like you could combine the =PMT and =IPMT functions to get your P & I. See: support.microsoft.com/en-us/office/ipmt-function-5cce0ad6-8402-4a41-8d29-61a0b054cb6f
Thanks so much for this helpful and super important video! I just have one question: how can I calculate how fast can I pay a mortgage that I already began paying, but now i want to add an extra payment. For instance the mortgage was made in 1998 with no extra payments but now, in 2023 I want to make an extra monthly payment. I don't now if I was sufficiently clear. I could use your help. Thanks! :-)
You're welcome! What you can do is just use your current balance and remaining term (maybe for 5 more years to 2028?) as if they are a "new" loan. Then use the secret formula from the video.
Also, I want you to know that this is the most easy explain video that I found for this particular mortgage example. I bet that maybe 90% of the people who does have a mortgage doesn't know about this because nobody explain it to them, less of all the banks. So, I applaud you for educate in this area.
I use Numbers in Mac and it has the same PMT function. But when I input the formula from a 705k loan, my monthly PI shows 4million 😅 I’m not sure why it’s doing that.
When the annual interest rate is compounded monthly, you need to divide it by 12 to find the monthly interest rate. In this case, an annual interest rate of 3% is a monthly interest rate of 3%/12 = 0.25%.
Technically-speaking, at the start, the number of months and the interest rate are chosen independently of each other. If you are trying to use the formula for N and you increase R, the number of months should actually go up, not down. That's because a large value of R will mean a lot of your payment is going toward interest, especially at first, even with extra payments.
@billkinneymath Thank you for the reply, but that does not explain why when in your example, having an interest rate of 3% and not increasing the extra payment when you changed it to 5% and the number of payments goes down. At first glance, the formula outputs seem correct, but in detail it does not seem so.
@billkinneymath Watch the number of payments as soon as you change the interest rate before you change the loan term to 5 years. I am just trying to problem solve the formulas output.
@@mattmcfarlane2274 Oh, I see what you mean. It goes from 206 to 200 briefly before I change the term. That is counterintuitive. I'll look into it when I have time in the next few days.
![กี่หมื่นฟ้า | Your Sky Series EP.1 [2/4]](http://i.ytimg.com/vi/qJbQs_nhjD4/mqdefault.jpg)
OH MY GOD PROFESSOR!!!, You have no idea how grateful I'm right now! thanks alot
Awesome! Hope you can save a lot of money or do well on your test!
This was extremely helpful, Professor!
So glad you like it! I thought it was a fun idea. Make sure to share it with your friends.
This was solid, and accurate! Thanks
You're welcome! Glad you liked it!
That was a great video,are the functions preloaded,I'm not computer savy,and I can't excell to do a slow motion version while I listen to you.does excell have this type of template or must it be done by scratch thank you
Thanks! I suppose you could try to pause the video a lot and then do your typing. I don't know of any preset template.
How would I be able to calculate when would my new payoff date be if I made a one time payment today of for example 10000?
You could just take your current balance and number of remaining payments as your starting point and then subtract $10000 from your current balance before using the =-PMT function.
How do you calculate future this if payments have already been made and you have 324 payments left and not the total 360 payments?
Find out your current balance and then treat that as the new loan amount, based on 324 payments left. Does that make sense?
Any chance you would know the Excel formula to track the P & I on incoming payments on a mortgage and calculate it based on the date the payment is made?
Thanks.
It looks like you could combine the =PMT and =IPMT functions to get your P & I. See: support.microsoft.com/en-us/office/ipmt-function-5cce0ad6-8402-4a41-8d29-61a0b054cb6f
Thanks so much for this helpful and super important video! I just have one question: how can I calculate how fast can I pay a mortgage that I already began paying, but now i want to add an extra payment. For instance the mortgage was made in 1998 with no extra payments but now, in 2023 I want to make an extra monthly payment. I don't now if I was sufficiently clear. I could use your help. Thanks! :-)
You're welcome! What you can do is just use your current balance and remaining term (maybe for 5 more years to 2028?) as if they are a "new" loan. Then use the secret formula from the video.
@@billkinneymath Thanks so much for your quick response! I will try that.
Also, I want you to know that this is the most easy explain video that I found for this particular mortgage example. I bet that maybe 90% of the people who does have a mortgage doesn't know about this because nobody explain it to them, less of all the banks. So, I applaud you for educate in this area.
@@dialysmillet9872 Thanks! So glad it was helpful!
I use Numbers in Mac and it has the same PMT function. But when I input the formula from a 705k loan, my monthly PI shows 4million 😅 I’m not sure why it’s doing that.
Did you eventually figure out why it did that?
Shouldn't it be 1.03^(1/12)?
When the annual interest rate is compounded monthly, you need to divide it by 12 to find the monthly interest rate. In this case, an annual interest rate of 3% is a monthly interest rate of 3%/12 = 0.25%.
Why is it that when you raise the interest rate, the number of months for the loan goes down?
Technically-speaking, at the start, the number of months and the interest rate are chosen independently of each other. If you are trying to use the formula for N and you increase R, the number of months should actually go up, not down. That's because a large value of R will mean a lot of your payment is going toward interest, especially at first, even with extra payments.
@billkinneymath Thank you for the reply, but that does not explain why when in your example, having an interest rate of 3% and not increasing the extra payment when you changed it to 5% and the number of payments goes down. At first glance, the formula outputs seem correct, but in detail it does not seem so.
@@mattmcfarlane2274 That's because I changed the term of the loan as well, from 30 years to 5 years.
@billkinneymath Watch the number of payments as soon as you change the interest rate before you change the loan term to 5 years. I am just trying to problem solve the formulas output.
@@mattmcfarlane2274 Oh, I see what you mean. It goes from 206 to 200 briefly before I change the term. That is counterintuitive. I'll look into it when I have time in the next few days.