How much interested have I paid? 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)
|rate||The interest rate per period.|
|nper||The total number of payments for the loan.|
|type||When payments are due. 0 = end of period. 1 = beginning of period.|
Let’s take a look at the following 15yr mortgage calculation.
*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.