CUMIPMT

CUMIPMT

Returns the cumulative interest paid on a loan between start_period and end_period.

If this function is not available, run the Setup program to install the Analysis ToolPak. After you install the Analysis ToolPak, you must enable it by using the Add-Ins command on the Tools menu.

Syntax

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

Rate   is the interest rate.

Nper   is the total number of payment periods.

Pv   is the present value.

Start_period   is the first period in the calculation. Payment periods are numbered beginning with 1.

End_period   is the last period in the calculation.

Type   is the timing of the payment.

Type

Timing

0 (zero)

Payment at the end of the period

1

Payment at the beginning of the period


Remarks

  • Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12% for rate and 4 for nper.
  • Nper, start_period, end_period, and type are truncated to integers.
  • If any argument is nonnumeric, CUMIPMT returns the #VALUE! error value.
  • If rate £ 0, nper £ 0, or pv £ 0, CUMIPMT returns the #NUM! error value.
  • If start_period < 1, end_period < 1, or start_period > end_period, CUMIPMT returns the #NUM! error value.
  • If type is any number other than 0 or 1, CUMIPMT returns the #NUM! error value.

Example

A home mortgage loan has the following terms:

Interest rate, 9.00 percent per annum (rate = 9.00% ¸ 12 = 0.0075)
Term, 30 years (nper = 30 ´ 12 = 360)
Present value, $125,000

The total interest paid in the second year of payments (periods 13 through 24) is:

CUMIPMT(0.0075,360,125000,13,24,0) equals -11135.23

The interest paid in a single payment in the first month is:

CUMIPMT(0.0075,360,125000,1,1,0) equals -937.50