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| | | Forum Member
 
Group: Forum Members
Last Login: 1/5/2009 9:52:02 AM
Posts: 28, Visits: 44 |
| Hi,
Does anyone know how to calculate a Principle + Interest payment in Word in a custom form? In excel I'd do it like:
=PMT(7%/12,360,150000)
If I wanted to calc the payment for a 7%,$150k, 30yr fixed
But MS Word does not recognize the =pmt function
Thanks
Jay |
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| | | Supreme Being
Group: Forum Members
Last Login: 10/8/2008 8:13:28 PM
Posts: 126, Visits: 152 |
| | I don't know why you would want to since Point Calculates payments for you, but you can use this: {=ROUND(PV*I/1200/(1-(1+I/1200)^(-N)),2) } Here PV is beginning loan amount, I is annual interest rate, and N is term in months. You must use Ctrl + F9 to get your {} brackets. Typing them will not work. Regards, |
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Supreme Being
Group: Forum Members
Last Login: 9/12/2008 11:24:50 AM
Posts: 289, Visits: 242 |
| | Careful with this. If the payment is interest only or has some sort of term that limits or increases payments, the PI payment will be disclosed incorrectly. An if-then-else or select case structure can be used in VBA as a function to return the correct payment: e.g.
Function CalcPmt(PV,i,N,IOMos,GradPmt()) Select Case IO > 0 ..... calculate IO IsArray(GradPmt) .... calculate graduated payment or buydown case else .... calculate PI End Select CalcPmt = Pmt End Function
- Mike
mike@mtig.biz |
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| | | Supreme Being
Group: Forum Members
Last Login: 10/8/2008 8:13:28 PM
Posts: 126, Visits: 152 |
| | True, but the original post specifically asked for P+I payments. It's only one more step to use a nested IF statement to test if Interest Only is >=1 (use Field ID 555) and you avoid needing vba. {=IF(IO >=1,ROUND(PV*I/1200,2),ROUND(PV*I/1200/(1-(1+I/1200)^(-N)),2)) } Regards, |
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| | | Forum Member
Group: Forum Members
Last Login: 1/5/2009 9:52:02 AM
Posts: 28, Visits: 44 |
| | Hi, Yes, I know point calcs PI  But I was trying to do a custom ARM disclosure where it would give the examples of a 30 & 15 year fixed rate, and display the PI payment at the initial rate and at the ARM lifetime cap. Is there a better way to do this in point? If so, I'd rather use something built-in Thanks Jay |
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| | | Supreme Being
Group: Forum Members
Last Login: 10/8/2008 8:13:28 PM
Posts: 126, Visits: 152 |
| jstrauss (5/17/2006)
Hi, Yes, I know point calcs PI But I was trying to do a custom ARM disclosure where it would give the examples of a 30 & 15 year fixed rate, and display the PI payment at the initial rate and at the ARM lifetime cap. Is there a better way to do this in point? If so, I'd rather use something built-in Thanks Jay Ok, then just use {=ROUND(PV*I/1200/(1-(1+I/1200)^(-360)),2) } for the 30 year payment, and {=ROUND(PV*I/1200/(1-(1+I/1200)^(-180)),2) } for the 15 year payment. Replace "I" with the rate field in Point. If you want to add the life cap of an ARM, then replace "I" with the rate field + the life cap field. Replace "PV" with the loan amount in Point. Remember you can't type {}, you have to use Ctrl+F9 Regards, |
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