Skip to main content

Explore the new, free version of Kutools for Outlook today!

 

How to calculate total interest paid on a loan in Excel?

Author: Kelly Last Modified: 2024-08-22

Let’s say you have bought a house with a bank loan, and you need to pay the bank every month in coming years. Do you know how much interest you will pay on the loan? Actually, you can apply the CUMIPMT function to figure it out easily in Excel.

Calculate total interest paid on a loan in Excel

Calculate total interest paid on a loan in Excel

For example, you have borrowed $100000 from bank in total, the annual loan interest rate is 5.20%, and you will pay the bank every month in the coming 3 years as below screenshot shown. Now you can calculate the total interest you will pay on the load easily as follows:
sample data

Select the cell you will place the calculated result in, type the formula =CUMIPMT(B2/12,B3*12,B1,B4,B5,1), and press the Enter key. See screenshot:
Calculate total interest paid on a loan with a formula

Note: In the formula, B2 is the annual loan interest rate, B2/12 will get the monthly rate; B3 is the years of the loan, B3*12 will get the total number of periods (months) during the loan; B1 is the total amount of loan; B4 is the first period you pay the bank, while B5 is the last period you pay the bank.

Now you will get the total interest you will pay. See screenshot:
get the total interest result

a screenshot of kutools for excel ai

Unlock Excel Magic with Kutools AI

  • Smart Execution: Perform cell operations, analyze data, and create charts—all driven by simple commands.
  • Custom Formulas: Generate tailored formulas to streamline your workflows.
  • VBA Coding: Write and implement VBA code effortlessly.
  • Formula Interpretation: Understand complex formulas with ease.
  • Text Translation: Break language barriers within your spreadsheets.
Enhance your Excel capabilities with AI-powered tools. Download Now and experience efficiency like never before!

Related articles:

Best Office Productivity Tools

🤖 Kutools AI Aide: Revolutionize data analysis based on: Intelligent Execution   |  Generate Code  |  Create Custom Formulas  |  Analyze Data and Generate Charts  |  Invoke Kutools Functions…
Popular Features: Find, Highlight or Identify Duplicates   |  Delete Blank Rows   |  Combine Columns or Cells without Losing Data   |   Round without Formula ...
Super Lookup: Multiple Criteria VLookup  |   Multiple Value VLookup  |   VLookup Across Multiple Sheets   |   Fuzzy Lookup ....
Advanced Drop-down List: Quickly Create Drop Down List   |  Dependent Drop Down List   |  Multi-select Drop Down List ....
Column Manager: Add a Specific Number of Columns  |  Move Columns  |  Toggle Visibility Status of Hidden Columns  |  Compare Ranges & Columns ...
Featured Features: Grid Focus   |  Design View   |   Big Formula Bar   |  Workbook & Sheet Manager   |  Resource Library (Auto Text)   |  Date Picker   |  Combine Worksheets   |  Encrypt/Decrypt Cells   |  Send Emails by List   |  Super Filter   |   Special Filter (filter bold/italic/strikethrough...) ...
Top 15 Toolsets:  12 Text Tools (Add Text, Remove Characters, ...)   |   50+ Chart Types (Gantt Chart, ...)   |   40+ Practical Formulas (Calculate age based on birthday, ...)   |   19 Insertion Tools (Insert QR Code, Insert Picture from Path, ...)   |   12 Conversion Tools (Numbers to Words, Currency Conversion, ...)   |   7 Merge & Split Tools (Advanced Combine Rows, Split Cells, ...)   |   ... and more

Supercharge Your Excel Skills with Kutools for Excel, and Experience Efficiency Like Never Before. Kutools for Excel Offers Over 300 Advanced Features to Boost Productivity and Save Time.  Click Here to Get The Feature You Need The Most...

Office Tab Brings Tabbed interface to Office, and Make Your Work Much Easier

  • Enable tabbed editing and reading in Word, Excel, PowerPoint, Publisher, Access, Visio and Project.
  • Open and create multiple documents in new tabs of the same window, rather than in new windows.
  • Increases your productivity by 50%, and reduces hundreds of mouse clicks for you every day!