![]() ![]() The calculator(s) are not intended to provide its users/. In above formula, C3/C4 will calculate the monthly interest rate, C4*C5 will get the total number of periods, C2 is the loan amount you received, 1 means the first period you will pay back the loan, 6 indicates the last period (there are 6 periods in total), and 0 indicates you repay at the end of every period. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking. Note: You can also apply the CUMIPMT function to calculate the total interest payments. The Vertex42 Interest-Only Loan Calculator is a very powerful spreadsheet based on our popular Loan Amortization Schedule. Now you will get the total amount of interest payments for the loan. In the Cell F9, type in the formula =SUM(F3:F8), and press the Enter key. In Cell F3, type in the formula, and drag the formula cell’s AutoFill handle down the range as you need.ģ. List your loan data in Excel as below screenshot shown:Ģ. You can figure out the total interest paid as follows:ġ. ![]() In the example shown, the total interest paid in year 1 is calculated by using 1 for start period and 12 for end period. To calculate the total interest for a loan in a given year, you can use the CUMIPMT function. Now you need to repay it monthly in half year. The The formula in F5 is: CUMIPMT(5/12,60,30000,1,12,0) Note: values hardcoded for readability only. You take a 10-year interest-only mortgage, which turns into a 20-year P+I mortgage. (32,387 more than a 30-year P+I loan) Scenario 3. For periodic, constant payments and constant interest rate, you can apply the IPMT function to figure out the interest payment for every period, and then apply the Sum function to sum up these interest payments, or apply the CUMIPMT function to get the total interest paid on a loan directly in Excel.įor example, you have a loan of $5,000 with annual interest rate of 8.00%. You take a 5-year interest-only mortgage, which turns into a 25-year P+I mortgage, which you then pay off over that time. Sometimes, you may want to calculate the total interest paid on a loan. ![]()
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