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Thanks Michealg I'm not sure that that is correct because that would mean the loan term would not be any shorter but instead, the monthly payments would be different each time? Am I correct? Would I be correct to suggest that the PV needs to NOT include any extra payments so that the...

Thanks for the info. Turns out I'm on the right track. One other question, what happens when you make an extra payment, (i.e. over and above the regular scheduled amount.)

Any maths teachers out there? Im trying to get my amortizing spreadsheet to work but its turning out to be more difficult than I first thought I have a (theroretical) loan of 100k @ 6% for 30 years- P & I. Repayments would be $599.55 per month. After 5 years, the interest rate jumps to...