I want to calculate how much faster I will pay off a mortgage if I make extra payments toward principal every month. There are plenty of amortization sheets floating around that I can use to produce a full amortization table, with the bottom row showing me the date of the last payment.
What I need is a formula that will give me only that: just that date, or alternatively, the number of months it will take me to pay off the loan given: Rate, principal, term in years, extra amount I will pay monthly, and start date.
Help, I can't figure this one out!
Best Answer
Here are some formula to help you:
= B4 * 12
=PMT(B2/12,B4*12,B3)
=-FV(B2/12,B8-1,B6,B3)
=NPER(B2/12,B6+B7,B9)+B8-1