![]() ![]() In conclusion, we now know how much profit we will make if we borrow this amount of money from the client and how much the client would pay every month. If you do not add a minus in front of the loan amount, you will get negative numbers as a result.Ĭlick on the empty cell beside the total cost of the loan (1), and multiply payment/period with the total number of payments (=b9*b8) (2).Ĭlick on the empty cell beside interest cost, and subtract the total cost of the loan from the loan amount (=b10-b4). Preparing the mortgage formulaĬlick on the empty cell beside the total number of payments (1), and type in =b6*b7 (2), and then press enter.Ĭlick on the empty cell beside payment/period (1), and type in =PMT(interest rate/year, total number of payment, -loan amount) (2). You could right-click on empty cells before stating the values, choose Format Cells, choose Currency, and Percent if you have any issues creating the mortgage calculator. How many times will the client pay per year (4). How much is being loaned (loan amount) (1), the interest rate per year (interest rate/year) (2), and the length of time it will take to repay the loan (loan length) (3). Prepare the components of the calculator.ĭisplay the data you already have. We will not just create it, but also calculate it. We are going to create a mortgage calculator together in a step-by-step format. Why Excel based planners Because our downloadable planners are Excel spreadsheets, there is no need to download and setup new software. When creating a mortgage calculator, it is important to consider everything that would make the mortgage profitable for your company. Using the annual interest rate, the principal, and the loan term, we determine the sum to be paid monthly. ![]() How to Create a Mortgage Calculator in Excel Details The Excel formula to calculate mortgage payments can be written as: -PMT (annual interest rate/12, loan term12, loan amount) Note: If omitted, the future value and type arguments are set to 0 by default. ![]()
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