Need Excel Mortgage Formula?

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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.

1 Comment
  1. Reply
    Gary E
    February 11, 2011 at 4:11 pm

    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)

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