How to Calculate Payment Amount for 2nd Mortgages

Use a Microsoft Excel spreadsheet to calculate payment amounts for 2nd mortgages.

Difficulty: Moderate

Instructions

Things You'll Need:

• Computer that runs Microsoft Excel (I used version 2003 for this article)

1. 
   Prepare to download amortization schedule template

   Launch Microsoft Excel, then click on New from the File menu to open the New Workbook pane on the computer screen. To download the Amortization Schedule template from the Microsoft website, click on "Templates on Office Online". Your internet browser will go to the Microsoft Template web page.
   
   Enter the text, Amortization Schedule, in the "Search Templates" box on the web page, then click the Search button.

2. In the search results, click on the Mortgage amoritization schedule that is appropriate for the version of Excel that you are using. Click the Download button to save a copy of the Mortgage amortization schedule on your computer. Save the file on your computer Desktop.

3. 
   2nd mortgage payments table completed

   Double click the Excel template file that you just downloaded. The template will open in Excel. To calculate the amount of your 2nd mortgage payments, enter the Loan principal amount, Annual interest rate, Loan period in years, Base year of loan, and Base month of loan in the corresponding cells in Excel. The spreadsheet automatically complete all of the payment tables.