Help !!!!! with repayment plan There is much to read, but help will be greatly appreciated?

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For all mortgages Excel, financial, etc. are made of engineering, I am in a repayment plan for my college course and we should be able to calculate a mortgage balance of 30 years leading to zero at the end of 30 years . What is the formula for that? Incidentally, make sure I do things well, I had to find the mortgage payment as well. I 1540.32. ? I’m just here are the numbers: Interest rate 4.5; 380 real estate prices, 20 percent of payment, 30 year fixed loans much more easily, I did not explain, so I’ll try again. What formula can I use the bottom, drag and drop, so I enter numbers in 359 times? Can someone break in exactly what I need to put in Excel? Thank you

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  1. Reply
    May 3, 2011 at 6:18 am

    Your mtg pmt is correct , so you must have found the correct formula.
    The excel spreadsheet looks like the following {“new” = “first” first month only; duh} :

    New balance + interest charges on new balance – pmt = new balance

    Rinse and repeat 359 times. You should be close to zero when you burn your mortgage in 2040.

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