Excel Mortgage Calculator
|
Excel Mortgage Calculator
|
Using the Excel Mortgage Calculator Template
In order to use the above Excel Mortgage Calculator, simply complete the pink-shaded user-input fields of the spreadsheet (shown on the right), with details of the loan amount, the interest rate, the number of years of the loan, and the number of payments per year. The summary table at the top-right of the spreadsheet will automatically display a summary of the mortgage payment details, and the mortgage amortization schedule is displayed in the bottom half of the spreadsheet.
If you want the spreadsheet to show the dates of each of the scheduled payments, you must also enter the loan start date into the user-input fields. Once this is entered, the summary box on the top left of the spreadsheet will display the date of the final payment and the date of each of the scheduled payments will be shown in the bottom half of the spreadsheet.
Functions Used in the Excel Mortgage Calculator Template
The main Excel functions used to produce the amortization schedule in the above Excel Mortgage Calculator are:
| PMT function | Calculates the regular scheduled payment amount |
| PPMT function | Calculates the Principal part of the regular scheduled payment |
| IPMT function | Calculates the Interest part of the regular scheduled payment |
| DATE function | Used to calculate the dates of the scheduled payments |
The procedure for creating an Excel Mortgage Amortization Calculator similar to the one above is explained in detail on the Wikihow website.
