CUMIPMT Function – 15yr Mortgage

CUMIPMT Function

The CUMIPMT Function in Excel is a financial function designed to calculate and return the cumulative interest paid on a loan. This can be extremely useful when trying to quickly calculate your total interest for a mortgage or auto loan.

Let’s take a look at the Syntax

=CUMIPMT (rate, nper, pv, start_period, end_period, type)

rateThe interest rate per period.
nperThe total number of payments for the loan.
pvPresent value
start_periodFirst payment
end_periodLast payment
typeWhen payments are due. 0 = end of period. 1 = beginning of period.

Let’s take a look at the following 15yr mortgage calculation.

The sample file is available for Download.

CUMIPMT Function

*Please note, when calculating the rate, you have to take the rate 3.75% divided by the Periods per year, 12.

The Total Interest is calculated as a negative number.

CUMIPMT Function

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