Pay Off Your Mortgage Loan and Get Out of Debt Faster Using Excel NPER Function

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In this video, I will show you how to use the NPER function in Excel to calculate how long it will take you to pay off your mortgage loan. I will also show you how to use the function to calculate how much interest you will pay over the life of your loan.

The NPER function is a financial function that calculates the number of periods required to pay off a loan or investment. It takes four arguments:

rate: The interest rate per period.
pmt: The payment amount per period.
pv: The present value of the loan or investment.
fv: The future value of the loan or investment.
To use the NPER function, you will need to know the following information:

Your mortgage interest rate
Your monthly mortgage payment
The original balance of your mortgage loan
The amount of your down payment
Once you have this information, you can simply enter it into the NPER function and it will calculate the number of periods required to pay off your loan.

In addition to calculating the number of periods required to pay off your loan, you can also use the NPER function to calculate how much interest you will pay over the life of your loan. To do this, you simply multiply the number of periods by the interest rate and then add the result to the original balance of your loan.

I hope this video helps you to pay off your mortgage loan faster.

Here are some additional tips for using the NPER function:

If your interest rate is quoted annually, you will need to divide it by 12 to get the monthly interest rate.
If your mortgage payments are made monthly, you will need to use the monthly interest rate in your calculations.
If your mortgage payments are made biweekly, you will need to divide the monthly interest rate by 26.
If your mortgage payments are made weekly, you will need to divide the monthly interest rate by 52.