# Need Excel Mortgage Formula?

Deal Score0

C2-Loan:750,000 C3-Rate: 6.5% C4-Years: 15 C5-Monthly Payment:$ 6533 C8-Ending balance: 719451 D8-Total paid on loan:

78,399

Given this information, what formula would calculate the interest paid this year? Or just a normal algebra equation to solve this would be nice too.

There are two ways to calculate interest paid with the data you have and they provide answers that are different by $ 3. The difference is probably due to rounding an actual $ 6533.25 monthly payment to $ 6533 in the Monthly Payment cell.

The two formulas are

=C7+C8-C3 [=Balance + Paid on Loan – Loan] (= $ 47,850)

and

=C7+(C6*12)-C3 [=Balance + (Monthly Payment * 12) – Loan] (= $ 47,847)