Credit end date based on payment $$

[Pizzio]

I'm looking for a formula that uses the credit start date, the credit and the current monthly payment to identify the date the credit will end. Tthe credit cannot exceed the monthly payment (i.e. payment = $800, credit = $800 of $12500).

Credit Start Date: 01/01/2024
Credit End Date: ??? (04/19/25 - finger math)
Number of payments impacted: ??? (15.625 - finger math)
Credit: $12500.00
Monthly Payment: $800

 

[awoohaw]

Do you have an interest rate?

 

[Pizzio]

Do you have an interest rate?

Yes, so the payment might be $800 and escalates at 3% annually at August 1st. The credit to offset the payment would not have interest.

 

[awoohaw]

What do you mean by escalates? What is the rate at loan beginning? Are you saying it increases by 3% each year?

 

[Pizzio]

What do you mean by escalates? What is the rate at loan beginning? Are you saying it increases by 3% each year?

Yes, the payment will increase by 3% each year on August 1st. The current payment is $800 per month. However, there is a credit of $12500 that offsets the monthly payment