Brian Dunning's FileMaker Custom Functions

Payment ( InterestRate ; LoanAmount ; NumberOfPayments ; RoundToDecimals )

Loan - Mortgage Payment Calculator

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Stephen Kerkvliet   Stephen Kerkvliet
KVC, Inc.
http://www.kvcinc.com

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  Sample input:
Payment ( 4 ; 250000 ; 360 ; 0 )
  Sample output:
$1,194

  Function definition: (Copy & paste into FileMaker's Edit Custom Function window)

This External Function will let you calculate what the monthly payment is on a loan, such as a Mortgage loan. You provide the interest rate, the loan amount, the number of payments and how many decimal points you want the answer rounded to. This does not create an amortization schedule but rather provides what the monthly payment would be.

 

Comments

comment   comment, VR
Jan 15, 2011
Why not use Filemaker's native PMT() function?
 
Stephen   Stephen, MN
Jan 15, 2011
VR, nice catch. I had developed this for a for a realtor who was adamant that the calculation was special. I never compared the results to the PMT() until your comment and the numbers matched.
 
Sean   Sean, Birmingham
Mar 3, 2011
That's why you need to know what functions are in FileMaker. Always look before you write new code.
 

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Note: these functions are not guaranteed or supported by BrianDunning.com. Please contact the individual developer with any questions or problems.

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