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Loan Parameters Loan Summary Information $ 400,000 Principal Monthly Payment (P&I Only) $2,923.71 6.25% Annual Interest Rate Scheduled Number of Payments 240 3/1/2015 Date of
Loan Parameters | Loan Summary Information | ||||||
$ 400,000 | Principal | Monthly Payment (P&I Only) | $2,923.71 | ||||
6.25% | Annual Interest Rate | Scheduled Number of Payments | 240 | ||||
3/1/2015 | Date of First Payment | Normal Payoff Date | |||||
20 | Term of Loan (Years) | Actual Number of Payments | 225 | ||||
12 | Number of Payments Per Year | Actual Payoff Date | 11/1/2033 | ||||
$100.00 | Extra Payment Every Period | Total of Extra Payments | $22,500.00 | ||||
Total of All Interest Payments | $ 279,826.29 | ||||||
Payment Number | Date | Beginning Balance | Regular Payment | Interest | Principal | Extra Payment | Ending Balance |
1 | 3/1/2015 | $ 400,000 | 2923.71281 | $ 2,083.33 | $ 840.38 | $100.00 | $ 399,059.62 |
2 | 4/1/2015 | $ 399,059.62 | 2923.71281 | $ 2,078.44 | $ 845.28 | $100.00 | $ 398,114.34 |
3 | 5/1/2015 | $ 398,114.34 | 2923.71281 | $ 2,073.51 | $ 850.20 | $100.00 | $ 397,164.14 |
4 | 6/1/2015 | $ 397,164.14 | 2923.71281 | $ 2,068.56 | $ 855.15 | $100.00 | $ 396,208.99 |
5 | 7/1/2015 | $ 396,208.99 | 2923.71281 | $ 2,063.59 | $ 860.12 | $100.00 | $ 395,248.87 |
6 | 8/1/2015 | $ 395,248.87 | 2923.71281 | $ 2,058.59 | $ 865.12 | $100.00 | $ 394,283.74 |
7 | 9/1/2015 | $ 394,283.74 | 2923.71281 | $ 2,053.56 | $ 870.15 | $100.00 | $ 393,313.59 |
8 | 10/1/2015 | $ 393,313.59 | 2923.71281 | $ 2,048.51 | $ 875.20 | $100.00 | $ 392,338.39 |
9 | 11/1/2015 | $ 392,338.39 | 2923.71281 | $ 2,043.43 | $ 880.28 | $100.00 | $ 391,358.10 |
10 | 12/1/2015 | $ 391,358.10 | 2923.71281 | $ 2,038.32 | $ 885.39 | $100.00 | $ 390,372.71 |
Above are the loan parameters and loan summary information and part of the amortization table. I need help with the formula for finding the normal payoff date based on the scheduled number of payments. The normal payoff date should equal the date that corresponds with the payment number that is in the scheduled number of payments in the loan summary table.
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