Home Mortgage Calculator Excel

What is Home Mortgage Calculator Excel?

Home Mortgage Calculator Excel is a tool that helps individuals calculate mortgage payments by inputting the loan amount, interest rate, and loan term. This calculator provides an easy way for users to estimate monthly payments and determine affordability for purchasing a home or refinancing an existing mortgage.

What are the types of Home Mortgage Calculator Excel?

There are several types of Home Mortgage Calculator Excel available:

Simple Mortgage Calculator: This basic calculator helps users estimate monthly payments based on loan amount, interest rate, and loan term.
Advanced Mortgage Calculator: This calculator allows users to factor in additional variables, such as property taxes, insurance, and extra principal payments, to get a more accurate estimate of their monthly mortgage payments.
Refinance Calculator: This calculator is specifically designed for individuals who are considering refinancing their existing mortgage. It helps users determine if refinancing is a smart financial move by calculating potential savings and comparing different loan options.

How to complete Home Mortgage Calculator Excel

To complete Home Mortgage Calculator Excel, follow these steps:

01
Open the Home Mortgage Calculator Excel tool.
02
Enter the loan amount in the designated field.
03
Input the interest rate for the loan.
04
Specify the loan term, such as 15 years or 30 years.
05
If applicable, provide additional details such as property taxes, insurance, and principal payments.
06
Click on the 'Calculate' button to obtain the estimated monthly mortgage payment.
07
Review the calculation results and adjust the inputs as needed.
08
Repeat the above steps with different scenarios to compare options and make informed decisions.

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Video Tutorial How to Fill Out Home Mortgage Calculator Excel

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Questions & answers

For example, a 30-year fixed mortgage would have 360 payments (30x12=360). This formula can help you crunch the numbers to see how much house you can afford.
3:55 7:23 How to make a Fixed Rate Loan/Mortgage Calculator in Excel YouTube Start of suggested clip End of suggested clip Well right above. So to calculate the payments. We want to do equals. PMT open parenthesis the rateMoreWell right above. So to calculate the payments. We want to do equals. PMT open parenthesis the rate and what you want for the rate is the monthly. Rate. So right there comma. The number of periods.
1:15 5:10 How to find Interest & Principal payments on a Loan in Excel YouTube Start of suggested clip End of suggested clip We already know what that is let's go ahead and get the principal. All we're gonna do is equal PP MTMoreWe already know what that is let's go ahead and get the principal. All we're gonna do is equal PP MT open parentheses the next we're gonna run want the rate. And the rate is going to be the monthly.
=PMT(5%/12,30*12,180000) The rate argument is 5% divided by the 12 months in a year. The NPER argument is 30*12 for a 30 year mortgage with 12 monthly payments made each year. The PV argument is 180000 (the present value of the loan).
PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate. Use the Excel Formula Coach to figure out a monthly loan payment.
0:12 6:01 How to Use Excel PMT Function to Calculate Loan Payments - YouTube YouTube Start of suggested clip End of suggested clip So the first thing we have to do is go ahead and convert the interest rate into a monthly rate youMoreSo the first thing we have to do is go ahead and convert the interest rate into a monthly rate you do that by dividing it by 12.