=pmt function in excel for the repayment including principal. You'll need to adjust the rate of interest to reflect monthly payments. Not just a case of dividing by 12. There's a formula for it.
(1 + r/12)12 -1 , r being the annual rate.
Interest only is fairly simple arithmetic.
So lets say for example the capital is €100k and the term is 30 years and the rate is 5%.
Is this based on interest acrued daily or monthly ? I put in the exact figures of my mortgage and the amount I pay v the amount the excel spreadsheet shows has a differance of about €19 per month i.e. I'm paying €19 a month more than the spreadsheet shows. Before I go storming into my bank about this I want to see whether this is a mistake in my calculations or in the banks.
Is this based on interest acrued daily or monthly ? I put in the exact figures of my mortgage and the amount I pay v the amount the excel spreadsheet shows has a differance of about €19 per month i.e. I'm paying €19 a month more than the spreadsheet shows. Before I go storming into my bank about this I want to see whether this is a mistake in my calculations or in the banks.
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