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Payment Calculation with 90 day deferred first payment

  1. #1
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    Payment Calculation with 90 day deferred first payment

    Hello,

    I am trying to calculate the monthly payment for a loan with a fix amount, term and rate with a 90 day deferred first payment.

    I've successfully used the PMT function, but that does not account for the deferred payment. Anyone know how?

    Loan amount $50,000
    Term: 60 months
    Rate: 1.49%
    Loan Open Date 9/9/15
    Loan First Payment Date: 12/9/15

    I should be getting a monthly payment of $867.45

    Thanks for your help!

  2. #2
    Valued Forum Contributor quekbc's Avatar
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    Re: Payment Calculation with 90 day deferred first payment

    Can you explain how you got 867.45?

    The way I understand deferred loan payments is that you accrue 90 days of interest, and then start paying back across 60 payments. That is:
    =PMT( 1.49%/12 , 60 , 50000+50000*C11*90/365) which equates to $868.46 monthly payments.

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