Key Points

MortgageQ is a less capable but easier version of Mortgage. Both these functions model a constant overall (principal and interest) repayment of the kind where you might be tempted to use Excel"s PMT function.

Mortgage models the completely general situation, where the overall repayment rate can change, interest rates cna change over time et cetera.

MortgageQ works out the repayment rate from the ?AdvanceDate? and the ?RepaymentDate?, so its a good deal easier to work with.

The periodic constant payment of interest and principal is calculated by refererence to the RepaymentDate. The EarlyRepDate is used to prematurely repay the mortgage, it only causes repayment on the prevailing outstanding balance. If omitted, there is no early repayment.

Example

MortgageQ.xls