Calculate Loan Monthly Mortgage Payment
Q. I'm trying to calculate a monthly mortgage payment in Access using one of their built-in functions. I noticed the following functions exist...
Pmt PPmt
and a few others...
What I'm trying to do is have Access calculate a monthly payment based on input fields where the user provides LOAN AMOUNT, INTEREST AMOUNT, and PAYMENT TERMS.
Using my financial calculator: LOAN AMOUNT = $167,750 INTEREST AMOUNT = 4.5% PAYMENT TERMS = 360
My MONTHLY P&I on my financial calculator amounts to $849.96. This is what I'm trying to calculate in Access. Anyone know how to do this either using Access' built-in functions or perhaps creating the formula all on my own?
A. From the Access (Visual Basic) Help File:
Pmt Function Example This example uses the Pmt function to return the monthly payment for a loan over a fixed period. Given are the interest percentage rate per period (APR / 12), the total number of payments (TotPmts), the present value or principal of the loan (PVal), the future value of the loan (FVal), and a number that indicates whether the payment is due at the beginning or end of the payment period (PayType).
Dim Fmt, FVal, PVal, APR, TotPmts, PayType, Payment Const ENDPERIOD = 0, BEGINPERIOD = 1 ' When payments are made. Fmt = "###,###,##0.00" ' Define money format. FVal = 0 ' Usually 0 for a loan. PVal = InputBox("How much do you want to borrow?") APR = InputBox("What is the annual percentage rate of your loan?") If APR > 1 Then APR = APR / 100 ' Ensure proper form. TotPmts = InputBox("How many monthly payments will you make?") PayType = MsgBox("Do you make payments at the end of month?", vbYesNo) If PayType = vbNo Then PayType = BEGINPERIOD Else PayType = ENDPERIOD Payment = Pmt(APR / 12, TotPmts, -PVal, FVal, PayType) MsgBox "Your payment will be " & Format(Payment, Fmt) & " per month .