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giofox
@chez_jay
This is possibly the dullest first post ever, but the generalised answer to "if i make a payment of this much, how many months will it take to pay off..." allowing for interest, is given by:
=NPER(rate,pmt,pv)
where:
nper = number of periods
rate = interest rate per period
pmt = regular payment per period
pv = present value (outstanding balance)
Thus for £250,000 outstanding at 4% APR, paid off at £1500 a month
=NPER(0.04/12, 1500, -250000)
Gives you about 244 months, or 20 years 4 months. Note if you double the interest to 8% APR, you'll get an error, as the number of payments is infinite, i.e. the balance cannot be paid off.
So you can put that formula in a column of a sheet which tracks actual outstanding balance based on actual payments.