How to Create a Mortgage Calculator With Excel
It's vital to know exactly where your money is going and how much your payments are every month to create a workable budget. One of the most important monthly payments for most people is their mortgage payment. You can create a mortgage calculator using Excel to easily determine your payment amounts for your fixed-rate mortgage.
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Things You'll Need
- Existing or potential loan information
- Computer with Excel program installed
Instructions
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Gather existing or potential loan information. You need the interest rate, term and loan amount. If the loan is hypothetical you need to estimate the interest rate. Keep in mind the final numbers could vary depending on what terms you and your lender agree to when the loan is finalized.
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Open a blank Excel worksheet.
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Type the following into any cell in the document: =PMT(6.75%/12,30*12,195000).
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Replace the interest rate with your loan information. If you hit 'enter' after inputting the formula you should be able to alter the formula from the top in a box labeled "fx" as long as the cell you typed the formula into is selected.
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Replace "30" with your loan term. Standard loan terms are usually 15 or 30 years, but 20 and 25 year loan terms are also available.
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Replace "195000" with your total loan amount.
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Hit "Enter" and the total payment appears. The payment amount shows up in parenthesis and red because the number designates money owed.
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Add property tax, insurance and other fees to the amount in parenthesis for a realistic estimate of what mortgage associated fees you need to pay every month.
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