Mortgage/annuity spreadsheet formula question

Question

I use IPMT formula in google spreadsheets to compute interest payment after 1st month like this:
IPMT(annualRate/12, 1, loanYears*12, loanReceived) - this return for my specific case, 40568 loan for 3.52%, 22 years - 119
Now I try to cumulate the interest (for 1 month) with following formula:
CUMIPMT(annualRate/12, loanYears*12, loanReceived, 1, 2, 0) - I receive 237
They should represent the same thing isn't it ?

mhoran_psprep · Accepted Answer

Now I try to cumulate the interest (for 1 month) with following
formula: CUMIPMT(annualRate/12, loanYears*12, loanReceived, 1, 2, 0) -
I receive 237

That formula is calculating the first two months. That is why the answer, 237, is about double the 119 from the first formula.

Mortgage/annuity spreadsheet formula question

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