In that case, the formula in D11 should be:Īnd that assumes that daily interest does not compound, which is almost always true for mortgages per se. I have made a number of assumptions.įirst, in some countries, the annual rate is stated as a compounded rate.
If the annual interest rate is in B2, the date of the previous payment is in A10, the previous balance is in E10, and the current date and payment are in A11 and B11, then ostensibly, the current principal, interest and balance are: So PMT is never the answer to your question, even if your payments were regular (once monthly, on time). Excel displays the curly brackets in the Formula Bar to indicate that the formula is array-entered.Īnd PMT calculates the total payment, not the portions that are principal and interest. Type the formulas without the curly brackets, then press ctrl+shift+Enter instead of just Enter.
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