How many months to payoff

Last modified by

on

Jul 24, 2020, 6:28:07 PM

Created by

on

Dec 7, 2013, 4:24:38 AM

$"num months" = "Payoff[ Loan"( P , i% , n ) + "extra pay" ]$

$"Original loan amount"$

$"Interest (i%)"$

$"Length in years"$

$"Extra payment amount each month"$

INPUTS

P - Original amount of the loan
i - interest rate input as a percentage; i.e., enter 4.6 for a 4.6% interest rate
n - number of years in the loan term
extra pay - extra amount applied to payment each month

If the extra payment each month is left blank, the months to payoff is equivalent to the term of the loan.

[1] Mortgage Rates

Source: Flickr / pallspera .com

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