How to calculate the difference in months between now and beginning of a loan in Excel

Question

I am actually using Google Sheets (Google Drive), but I guess it's always easy to look for a translation of the formula from Excel.

So, say I have a mortgage or a loan issued at a specific date in the past, and I want to calculate the number of payments made...

I see I can insert in cells commands of the type:

=TIME(YEAR(2001),MONTH(5),DAY(1))

and also

=TIME(YEAR(NOW()),MONTH(NOW()),DAY(NOW()))

My interest is in subtracting the latter from the former, and outputting the number of months elapsed.

Answer 1

In Excel, if you have a cell, say A1 that has a date in it. You can determine the number of months that have passed with:

=(Year(today())-year(A1))*12+month(today())-Month(A1)

Answer 2

Suppose the Loan Date 27-03-2015 is in Cell A2 and Current Date 27/01/2018 is in B2. So to get the months Elapsed DATEDIF function can be used also.

=DATEDIF(A2,B2,"m")

or

=DATEDIF(D386,TODAY(),"m")

Hope this help you.