I am reading tɦis impressive post tо increase my knowledge. ]]>

To calculate the number of payments automatically based on any additional payments, use the NPER formula.

Enter “=NPER(B5/12,B7,-B3)” in B8 and the number of payments (and interest and total cost) will be updated automatically.

]]>What is the continuous compounded interest for $8000 compounded weekly for 1.5 years at 9%?

P(1+i)^n

P= 8000

r= .09

n = 78 weeks x 1.5 years = 117

i = r/m = .09/78 = .0011538

A = ?

8000(1 + .0011538)^117 = $9155.23

Annual Interest for 1.5 years is $9155.23.

Solve that you suckers!

]]>To see how it effects your total interest and loan cost you have to scroll down your columns until you find the month with a negative (or zero) ending balance. Make note of the month number and put that number into the number of payments field (B8).

Increasing my principal payment by only about 10% of my existing monthly payment shortens my loan term by 7 years and my total interest is reduced by 27%.

]]>1. In column g12 enter Additional Principal

change cell f12 to =B13-(E13+G13)

And copy all the down. Now if you enter any amount in the g column it will subtract it from the ending balance.

2. Change cell b8 from =B4*12 to =B4*26 for bi-weekly or =B4*52 for weekly.

Hope it helps

]]>1. How would I add the, “Additional Principal”, coloumn?

2. How could I adjust the formula to factor in making payments bi-weekly or weekly?

]]>Thanks Trent

]]>This is also a good reason to consider paying in cash rather than getting a loan, because with those same payments into a 5.05% savings account, you’ll be able to cut a check in about twelve years (assuming housing prices stay stable).

As Jason mentioned, this is a simple view. We’re also not including PMI, insurance, and maintenance either.

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