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Lease formula - same monthly payment except for month 5 different payment |General Excel Questions & Answers|Excel Forum|My Online Training Hub

You are here: Home / Lease formula - same monthly payment except for month 5 different payment |General Excel Questions & Answers|Excel Forum|My Online Training Hub
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sp_CrumbsHome HomeExcel ForumGeneral Excel Questions & Answe…Lease formula - same monthly paymen…
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Lease formula - same monthly payment except for month 5 different payment
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Jaginder Singh

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December 6, 2021 - 10:47 am
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Hi Team,

I am trying to create a formula for lease payments which has same payment every month except for month 5.

We have manual tab for each lease that i am trying to create in one tab. In the attached file you will see manual tabs (as an example) which is the correct data.

I am creating a new model which is called "New model" tab, the formula at row 10 is requires to factor month 5 payment which is different to every other month. Hence the formula from column P onwards need to be corrected.

The interest payment will be based on closing balance. 

Please assist as i am unable to work the right formula.

Thanks

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Anders Sehlstedt
Eskilstuna, Sweden

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December 7, 2021 - 6:35 am
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Hello Jaginder,

Welcome to MOTH.

Please describe your issue in detail, what is it that you need help with? It might seem obvious for you, but for me I don't know what you are trying to show in each column. I can of course guess, but that would probably be a waste of time.

Br,
Anders

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Jaginder Singh

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December 7, 2021 - 10:40 am
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Hi Anders,

I am trying to improve the way we are keeping the data. At the moment for each mortgage, we create a tab. Instead of that, I am thinking of having one tab for all the mortgages which can be viewed monthly on gross/principal/interest paid and balances based on number of days. That is the goal.

At the moment i have about 2000 tabs of this manual tab as shown in the file (in yellow tab) with 2 example Manual tab 504 and Manual tab 529.

I did create based on the New Model tab but i feel it is not great hence i am hoping you can show me the correct way of doing by keeping it as simple as possible in one tab.

Example, refer to "Manual tab 504$12.145.97", with all the required information such as cost/start date/end date/months/interest rate building a formula to view gross/principal/interest paid for a particulate date by month and the remaining balance on monthly view to understand the cash flow position.

The above to be in one tab for all the mortgages (about 2000) instead of having 2000 tabs.

Please assist and let me know if I confused you further. I am sorry for not being able to put the message clearly.

 

Thanks

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Anders Sehlstedt
Eskilstuna, Sweden

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December 8, 2021 - 3:18 pm
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Hello Jaginder,

In my opinion I think you should go with a rebuild of your data. The idea you have to gather all loans into one table/sheet is correct way to go, just make sure you have an unique identifier per loan/row and that you set up the data in a tabular format.

For gathering the payments for each loan and month you should setup a separate table/sheet where you use the unique id to identify for which loan the payment is for. I would also add a running counter to see if the payment for each row is the first or second or third et cetera for the mortgage. The problem here comes with number of rows and keeping payment history. Depending on Excel version you have either 65,536 or 1,048,536 rows to use, each mortgage on a 3 year period will need 36 rows.

Lastly I would setup a third table/sheet where I present the wanted data, whereby typing in the unique id in a specified cell as a parameter to decide which mortgage is shown in the table. This can of course be set in a separate workbook if wanted.

Just my thoughts on how you could simplify the structure.

Br,
Anders

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