How to calculate my mortgage payments interest part?

Hi there,

I'd like to know how much of my mortgage payment is interest and how much is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

For the interest in a specific payment:
Use the IPMT function

For the interest paid during a specific range of payments:
Use the CUMIPMT function

Both are fairly well documented in Excel Help.

Does that help?
--------------------------

Regards,

Ron
Microsoft MVP (Excel)
(XL2003, Win XP)

"Grd" wrote in message
...
Hi there,

I'd like to know how much of my mortgage payment is interest and how much
is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part
goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

yes it's possible as Ron explained. however, if this is other than a
learning experience (gee wiz), I recommend ensuring you get the annual tax
statement from your mortgager as required by law for your tax break
purposes.




"Grd" wrote in message
...
Hi there,

I'd like to know how much of my mortgage payment is interest and how much
is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part
goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

A learning experience (gee wiz), I recommend ensuring you get the annual tax
statement from your mortgager as required by law for your tax break
purposes.

As required by law in which country?

"DM" wrote:

yes it's possible as Ron explained. however, if this is other than a
learning experience (gee wiz), I recommend ensuring you get the annual tax
statement from your mortgager as required by law for your tax break
purposes.




"Grd" wrote in message
...
Hi there,

I'd like to know how much of my mortgage payment is interest and how much
is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part
goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

Grd wrote:
Hi there,

I'd like to know how much of my mortgage payment is interest and how much is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

Ask your lender for a loan amortization. It should give you a break out
of interest and principal by payment for the term of the loan. My bank
actually shows those two amounts on each payment I make. If your bank
has online banking you might check there for the info.

gls858

Download the Loan Amortization Template from the Template Gallery.

http://office.microsoft.com/en-us/te...CT101172751033




On Tue, 18 Mar 2008 09:07:20 -0500, gls858 wrote:

Grd wrote:
Hi there,

I'd like to know how much of my mortgage payment is interest and how much is
principle. I know my interest rate and how much I borrowed (ofcourse!) and
how much I pay each month but am wondering how to figure out what part goes
on the interest.

Is this possible to do in Excel.?

Tx

Suzannne

Ask your lender for a loan amortization. It should give you a break out
of interest and principal by payment for the term of the loan. My bank
actually shows those two amounts on each payment I make. If your bank
has online banking you might check there for the info.

gls858

"Gord Dibben" wrote:

Download the Loan Amortization Template from the Template Gallery.

http://office.microsoft.com/en-us/te...CT101172751033


I created a demo explaining how to read and use this template. My favorite
part is that you can add all kinds of different additional payments and
easily see how that would affect the payoff timeframe. You can find the demo
at http://www.yourtwobits.com.