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Excel Mortgage calculation help
twirlypinky
Posts: 2,415 Forumite
Hopefully someone will be able to shed some light on this.
I'm trying to make up a spreadsheet that'll calculate various mortgages for me, but I'm having trouble matching it up to the bank.
For example, the Halifax website says it'll lend me £129k over 25 years for 5 years fixed at 5.91% (moving onto 4% after that). Now the initial repayments on that according to Halifax are £820.16 pcm.
My excel formula tells me it's £654. What am I doing wrong?
My formula is =PMT(H5/12,F5*12,C5,0,0) where H5 is 5.91%, F5 is 60 and C5 is 129000
Thanks
Twirly
I'm trying to make up a spreadsheet that'll calculate various mortgages for me, but I'm having trouble matching it up to the bank.
For example, the Halifax website says it'll lend me £129k over 25 years for 5 years fixed at 5.91% (moving onto 4% after that). Now the initial repayments on that according to Halifax are £820.16 pcm.
My excel formula tells me it's £654. What am I doing wrong?
My formula is =PMT(H5/12,F5*12,C5,0,0) where H5 is 5.91%, F5 is 60 and C5 is 129000
Thanks
Twirly
saving up another deposit as we've lost all our equity.
We're 29% of the way there...
We're 29% of the way there...
0
Comments
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Don't worry, I've worked it out, sorry, I was calculating the entire £129k over the 5 years, whoops.saving up another deposit as we've lost all our equity.
We're 29% of the way there...0 -
twirlypinky wrote: »Don't worry, I've worked it out, sorry, I was calculating the entire £129k over the 5 years, whoops.
I was about to ask where F5 * 12 came from.
Glad you've sorted it.0 -
I've never really used the PMT formula before, it's a kind of trial and error process! I've got there now, a nice little spreadsheet where all I need to do now is punch in the interest rates for the first bit and then the second bit and bob's your mothers brother.saving up another deposit as we've lost all our equity.
We're 29% of the way there...0 -
Never knew about the PMT function in excel, handy tip ta
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No problem, i knew there must be a way to do it, so i hunted it down!saving up another deposit as we've lost all our equity.
We're 29% of the way there...0
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