Excel formula to calculate loan payoff amount

rfreud
rfreud used Ask the Experts™
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I need an Excel formula to calculate the payoff amount of a loan which has amortized for X months.  For example, a loan with a starting balance of 100,000, with a fixed rate of interest of 8%, with a 360 amortization term.  The question is what would be the payoff amount after 60 months?
Thanks in advance
Ron
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Commented:
Check if this is what you want to do:

http://www.nhboa.org/archives/loan_payoff_calculator.html

jppinto
Mechanical Engineer
Most Valuable Expert 2013
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Commented:
Take a look at the FV function:
=FV(B2/12,B4,B6,-B1)
B2= interest rate (8%)
B4 = number of months of payments
B6 = monthly payment
B1 = initial amount of loan

The formula for B6 uses the PMT function:
=PMT(B2/12,B3,-B1)
B3 = term of loan (360 months)

Brad
AmortizationQ26527603.xlsx

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Commented:
Thanks very much.  I had seen this previously but couldn't find it in any of my previous spreadsheets or on line.  
Really appreciate it.
Ron

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