Trying to calculate payoff of a loan based on an annually updated payment

Here's the easiest way I can explain what I'm trying to do.

Let's say I've bought a house for $100,000.
I rent that house for $1,000 per month, but plan to increase the rent 5% per year.

1st year rent = 1000
2nd year rent = 1050
3rd year rent = 1102.50
etc.

I want to calculate how many months or years it will take pay off that home.

Is there an Excel function for that???

Thanks in advance -
Pat

basic.xls

Sorry if this very basic reply, but it may give you an idea...

Thanks. It gave me some ideas. I think what I'll need to do is create a separate worksheet that will populate from the main sheet.

I'll let you know how it turns out.