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How to calculate mortgage payment in excel 2010


how to calculate mortgage payment in excel 2010

For example, in the mortgage problem shown in Figure 18-19, a $500,000 mortgage would require monthly payments in excess of the $2,000 target. How to create a mortgage calculator in Excel. To illustrate their use, we'll add a data table to the simple mortgage calculator shown in Figure. Excel mortgage payment calculator and mortgage amortization schedule PC with Microsoft Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019.

How to calculate mortgage payment in excel 2010 -

Financial Functions in Excel

The financial function we're going to explore is called PMT( ). You use this function when you want to calculate things like the monthly payment amounts on a loan, or how much per month a mortgage will cost you. We'll use it to work out how much per month a loan will cost us. Here's what we'll do.

We've decided to take out a loan of ten thousand pounds from our friendly banker. We're going to be paying it back over 5 years. The question is, how much per month is this going to cost us?

The PMT( ) Function in Excel

The PMT( ) function expects certain values in between its two round brackets. The values that go in round brackets are known as arguments. The arguments for the PMT( ) function are these:

PMT(rate, nper, pv, fv, type)

Only the first three are needed, and you can miss the final two out, if you like.

We'll work out our monthly loan costs with the help of the PMT( ) function. First, create a new spreadsheet like the one below:

Excel 2007 Spreadsheet

If you look at cell B1 on the spreadsheet, you'll see a figure of £10, 000. This is the amount we want to borrow. The labels on Row 3 show what else we need: An interest rate, the number of payments we'll make over the 5 years, the present value of the loan, the amount we'll have to pay back each month, and the total amount paid back after 5 years. But we only need the first three for our PMT() function.

In cell A4, we'll need an interest rate. In cell B4 we'll need the number of payments, and in cell D4 we'll need the Present Value of the loan. First is interest rate.

Imagine that the interest rate given to us by the bank is 24 percent per year. For the PMT( ) function, we need to divide this figure by 12 (the number of months in a year) So try this:

  • Click into cell A4 on your spreadsheet
  • Enter the following formula:

= 24% / 12

  • Hit the enter key to see the answer appear, as in the image below:

Now that we have an interest rate, the next thing we need for the PMT( ) function is how many payments there are in total. We have to pay something back every month for 5 years. Which is a simple formula. So,

  • Click into B4 on your spreadsheet and enter the following:

= 12 * 5

  • Hit the enter key to see a figure of 60 as the answer.

This figure of 60 is for the second argument of the PMT( ) function - the nper. This is just the number of payments.

Now that you have a figure in cell A4 (rate), and a figure in cell B4 (nper), there's only one more to go - the Present Value (pv).

The Present Value of a loan, also known as the Principal, is what the loan is worth at the present time. Since we haven't made any payments yet, this is just 10, 000 for us.

  • Click into cell C4 on your spreadsheet and enter the following:

= B1

  • Hit the enter key
  • You'll see a figure of 10, 000 appear, and your spreadsheet should now look ours below:

OK, we now have all the parts for our PMT() function: a rate (A4), an nper (B4), and a pv (C4). Try this:

  • Click into cell D4 on your spreadsheet
  • Enter the following function:

=PMT(A4, B4, C4)

Hit the enter key on your keyboard, and you'll see the monthly amount appear. The figure you should have is -£287.68. The reason there is a minus sign before the total is because it's a debt: what you owe to the bank.

But this is what your spreadsheet should look like:

The montly payment amount

The only thing left to do is see how much this loan will cost us at the end of 5 years. All you need to do here is multiply the monthly amount in cell D4 by the number of payments in cell B4. Enter your formula for this in cell E4, and you spreadsheet will look like ours below:

So a ten thousand pounds loan, at the interest rate the bank is offering, means we'll have to pay back just over 17 thousand pounds over 5 years.

Tweaking the Values

We can change the spreadsheet slightly to give us more control. For your figure in cell B4, the number of payments, you entered 12 * 5. This is 12 months multiplied by 5 years. But what if we wanted to pay the loan back over 10 years, or 15? How much will our monthly payments then be? And will be the final cost of the loan?

Also, the interest rate seems a bit high. What if we can get a better rate elsewhere?

By making a few changes to or spreadsheet, we can amend these values more easily. First we'll need two new rows.

Inserting New Rows in Excel

We need to insert new rows in our spreadsheet. To insert a new row, click into cell A2. Then click on the Home tab at the top of Excel. Locate the Cells panel, and click the Insert item:

The Cells panel in Excel 2007

From the Insert menu, click on Insert Sheet Rows:

Insert a new row

Excel will insert a new row for you. Do this again to get two blank rows. Add two new labels, Num of Years and Interest. Your spreadsheet sheet will then look like this:

Two new rows have been inserted

Adapting the PMT Formula

We can adapt the formulas we've entered so far, in order to make them more usable. As an example, we'll adapt the interest rate.

To get the interest rate for cell A4, we entered a formula:

= 24% / 12

Instead of having the interest rate in cell A4, however, we can place it at the top, in cell B3 on our new Row. We can then alter the interest rate by simply typing a new one in cell B3. To clear all that up, try the following:

  • Click inside cell B3, which is the Interest cell in the image above
  • Click inside the formula bar
  • Type in = 24%
  • Cell B3 should now read 24.00% (In Excel 2010 and 2013 you may have to format the cell to a Percentage value from the Home tab then the Numer item.)
To change the formula for your interest rate click inside of cell A6. Change the formula from this:

= 24% / 12

to this:

= B3 / 12

Hit the enter key on your keyboard and nothing should change on your spreadsheet. But the difference is that you can enter a new interest rate in cell B3, and see how this effects the loan amounts. Try it out by typing 23% in cell B3:

As you can see, the interest rate has changed to a rather long figure. But notice the Monthly Amount - it has gone down to £281.90. The total amount we have to pay back has changed, too. Play around with the interest rate in cell B3, just to get a feel for how it works.

Exercise
In cell B6 of your spreadsheet, you have the following formula:

= 12 * 5

This calculates the number of months for the loan. Change this formula so that the number of years is coming from B2. Your finished spreadsheet should look like ours below:

The finished Excel 2007 spreadsheet

If you play around with the values in cells B1, B2 and B3 you should be able quickly see the new loan repayments.

In the next part, you'll see what Conditonal Logic is, and how to use it in Excel. First, try this project. It's all to do with Averages, so shouldn't cause you too many problems.

The Student Averages Project -->

<--Back to the Excel Contents Page

Источник: https://www.homeandlearn.co.uk/excel2007/excel2007s5p5.html

Georges Excel Mortgage Calculator Pro v4.0

Regular price $ 12.95 USD

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Simple Mortgage Calculator with Taxes Insurance PMI HOA and Extra Payments. Excel mortgage payment calculator and mortgage amortization schedule spreadsheet.

  • The mortgage calculator allows your to calculate your total housing expenses which includes your mortgage payment which is made up of principal and interest, property taxes, homeowners insurance, private mortgage insurance (PMI generally applies if the loan to value ratio is greater than 80%), and HOA fees if your homeowners association charges the dues.
  • The Excel mortgage calculator calculates the loan to value ratio based on the information you enter for the mortgage loan amount and purchase price or appraisal value. The loan to value ratio is generally calculated by dividing the mortgage loan amount by the lesser of the purchase price or the appraised value of the property in most cases but there are some exceptions.
  • The mortgage payment calculator calculate your monthly mortgage payment based off the information you enter related to the mortgage, including the mortgage loan amount, the current mortgage rates, and the length of the mortgage such as a 30 year mortgage or a 15 year mortgage, and extra principal payments if any.
  • The Excel mortgage calculator spreadsheet calculates the debt to income ratios. including both the front end ratio and back end ratio which are factors that lenders consider in addition to your credit score, income, net worth, assets, loan to value, down payment, etc. to determine if you qualify for a mortgage loan. The front end debt to income ratio is the ratio of your housing related payments (PITI, including PMI and HOA fees if any) divided by monthly gross income.  The back end debt to income ratio factors in more debt such as the your monthly minimum credit card payments, monthly car payments, etc.  Banks and lenders may require different front end ratios and back end ratios depending of the borrowers overall financial situation.
  • Mortgage calculator allows you to compare different current mortgage rates, loan amounts, length of loan and extra payments to see with one provides the lowest overall interest costs and can be paid off more quickly.
  • The mortgage amortization calculator displays a full amortization schedule so you can see how your payments are applied to principal and interest.
  • If one of your financial goals is paying off your mortgage early, the mortgage calculator with extra principal payments allows you to enter a different amount for extra principal payments each month so that you can see impact on interest savings and shortened time to pay off debt.
  • The mortgage affordability calculator helps in estimating loan amount relative to DTI ratios and LTV ratios.
  • Mortgage refinance calculator can help you compare various mortgage rates and loan amounts to see what your mortgage payment will be compared to your current mortgage.
  • This Excel mortgage loan calculator is an easy mortgage calculator to help you estimate your monthly mortgage payments and see if the mortgage fits within your budget and is right for your personal finances.. It is for mortgages in the United States.  The max loan amount is 5 million. The amounts generated by the mortgage calculator are just estimates and what if scenarios and are not intended to replace actual loan application qualifications and actual mortgage loan terms and contracts. Fixed rate mortgage calculator. Not designed as a  variable rate mortgage calculator / adjustable rate mortgage calculator.
  • This mortgage calculator can be helpful for realtors, real estate brokers, mortgage lenders, loan officers, bank loan officers and other mortgage loan lenders who would like to compare and estimate different mortgage loan scenarios.
  • When searching for a online mortgage calculator or a free mortgage calculator app, consider this Excel mortgage calculator spreadsheet.

System requirements:

  • PC with Microsoft Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, or Excel for Office 365 (Excel for Microsoft 365).
    (standalone version of Microsoft Excel or part of Office 365 subscription / Microsoft 365 subscription)
  • Mac computer with Microsoft Excel 2016 for Mac, Excel 2019 for Mac, or Excel for Office 365 for Mac. (Excel for Microsoft 365 for Mac) (standalone version of Excel or part of Office 365 / Microsoft 365 subscription) (not compatible with Excel 2011 for Mac) 
    (standalone version of Microsoft Excel or part of Office 365 subscription / Microsoft 365 subscription)
  • The Excel mortgage payment calculator is not compatible with Google Sheets (Google Spreadsheets)
  • The mortgage loan calculator spreadsheet is not compatible with Microsoft's free "Excel Online" app that is part of the free Office Online apps. These online apps are web browser based and have limited features compared to the full desktop version of Microsoft Excel.

License Terms:

By purchasing you agree with the License Terms / Terms of Sale.

Excel is a registered trademark of Microsoft Corporation.

Источник: https://www.buyexceltemplates.com/products/mortgage-calculator-mortgage-payment-calculator

Loan Amortization Schedule

This example teaches you how to create a loan amortization schedule in Excel.

1. We use the PMT function to calculate the monthly payment on a loan with an annual interest rate of 5%, a 2-year duration and a present value (amount borrowed) of $20,000. We use named ranges for the input cells.

PMT function

2. Use the PPMT function to calculate the principal part of the payment. The second argument specifies the payment number.

Principal Part

3. Use the IPMT function to calculate the interest part of the payment. The second argument specifies the payment number.

Interest Part

4. Update the balance.

Update Balance

5. Select the range A7:E7 (first payment) and drag it down one row. Change the balance formula.

Different Balance Formula

6. Select the range A8:E8 (second payment) and drag it down to row 30.

Loan Amortization Schedule

It takes 24 months to pay off this loan. See how the principal part increases and the interest part decreases with each payment.

Источник: https://www.excel-easy.com/examples/loan-amortization-schedule.html

Using Goal Seek in Excel

The Excel Goal Seek feature allows you to see what would happen if you alter the data used in a formula. With Goal Seek, you can compare different results to find out which one best suits your requirements.

The instructions in this article apply to Excel for Microsoft 365, Excel 2019, Excel 2016, Excel 2013, Excel 2010, and Excel for Mac.

Enter the Tutorial Data

This tutorial uses the PMT function to calculate the monthly payments for a loan. After the loan payments are calculated, Goal Seek is used to lower the monthly payment by altering the loan period.

To follow along with the tutorial, enter the following data into the cells indicated:

  • Cell D1: Loan Repayment
  • Cell D2: Rate
  • Cell D3: # of Payments
  • Cell D4: Principal
  • Cell D5: Payment
  • Cell E2: 6%
  • Cell E3: 60
  • Cell E4: 225,000
  • Cell E5: Leave this cell blank.

Here's what the tutorial data looks like in the worksheet:

Follow the steps below to implement the PMT function within your worksheet:

  1. Select cell E5 and type the following formula: =PMT(E2/12,E3,-E4)

  2. Press Enter.

  3. The value $4,349.88 appears in cell E5. This is the current monthly payment ​for the loan.​​

Alter the Monthly Payment Using Goal Seek

After you enter the PMT formula, use Goal Seek to peek into different data options.

In this tutorial, you'll see how Goal Seek is used to show the change in the total number of payments to be made when the monthly payment is lowered. We'll reduce the monthly payment to $3000.00 to see the difference in the number of payments.

  1. Select the Data tab.

  2. Select What-If Analysis to open a drop-down list.

  3. Select Goal Seek.

  4. In the Goal Seek dialog box, place the cursor in the Set cell line.

  5. Select cell E5 in the worksheet.

  6. In the Goal Seek dialog box, place the cursor in the To value line.

  7. Type 3000.

  8. Place the cursor in the By changing cell line.

  9. Select cell E3 in the worksheet.

  10. Select OK.

  11. Goal Seek calculates the solution. When it finds one, the Goal Seek dialog box informs you that a solution has been found.

  12. Goal Seek shows that by lowering the monthly payment, the number of payments in cell E3 changes from 60 to 94.2355322.

  13. To accept this solution, select OK in the Goal Seek dialog box.

To find a different solution, select Cancel in the Goal Seek dialog box. Goal Seek returns the value in cell E3 to 60.

Thanks for letting us know!

Источник: https://www.lifewire.com/using-goal-seek-in-excel-3123379

Join Excel List

Purchasing a car or a house is usually a pleasant experience for the buyer. However, most financial institutions require a deposit or down payment to be made towards the total purchase price.

In this week’s tip, we share how to calculate the deposit or down payment for a car. For instance, the cost of the car could be $15,000 to be repaid over four years at 3% per period. Furthermore, you may want to keep the monthly payment at $400 per month, but need to calculate the deposit. This is how it can be done.

Note: You are welcome to download the workbook to practice

Applies To: Microsoft® Excel®   2010 and 2013

1. We are going to use the following formula:

=Purchase Price-PV(Rate,Nper,-Pmt)

  • PV: calculates the loan amount.
  • The loan amount will be subtracted from the purchase price to get the deposit amount.
  • Rate: is the interest rate per period. It will be divided by 4 if it is per quarter or 12 if it’s per annum.
  • Nper: is the total number of payment periods in an investment, which will be 48(4*12).
  • Pmt: is the payment made each period.

2. Place the cursor in cell C6 and enter the formula below.

=C2-PV(C3/12,C4,-C5)

3. This will give you $3,071.48 as the deposit.

1. Excel On Steroids_CalculateDepositsorDownPayments

By using this method you can calculate the deposit for a car or house using an easy formula.

Related

Excel Tips & TricksCalculate deposits, Down payments, Excel Tips, Microsoft Excel. permalink.
Источник: https://www.sageintelligence.com/tips-and-tricks/excel-tips-tricks/2015/09/calculate-the-a-deposit-or-down-payment/

How to Calculate Your Personal Loan EMI Using Excel

How to Calculate Your Personal Loan EMI Using Excel
  • Highlights

  • Calculate EMIs using the PMT function on Excel

  • Use this formula =PMT(RATE,NPER,PV,FV,TYPE)

  • These variables need to be computed & may lead to errors

  • Use the online EMI calculator to avoid manual errors

Among the particulars of a personal loan, the monthly instalments or EMIs are those that you should pay maximum attention to. They dictate your interest outgo throughout the tenor and the overall cost of your loan. This is why it is important to know how to calculate your EMIs well before you borrow, as it helps you plan your repayment effectively. Since it is a mathematical calculation, you can use the EMI formula in Excel and output the results manually. This process will require you to also calculate the values for a few variables and so, it does require a level of proficiency.

Must Read :4 Top Factors That Led to the Growth of NBFCs in India
Check your cibil score for free
To know how to go about calculating your personal loan EMIs and set up a loan calculator in Excel, follow these steps.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

Apply for Personal Loan

Источник: https://www.bajajfinserv.in/insights/personal-loan-emi-calculation-excel

How to calculate the EMI on your loan

Suraj Dutt, 29, a New Delhi-based store manager, bought a car in 2015 worth Rs 5.95 lakh. He made a down payment of Rs 1.5 lakh and took an auto loan for the rest of the amount at 12% interest per annum for four years. At present, he is paying an equated monthly instalment, or EMI, of Rs 11,700 per month. However, he has no way of knowing if the amount is correct or not.

Like Suraj, there are many people who are confused if their lender is charging them a fair amount as EMI. So, we decided to tell you how to calculate EMI so that you can cross-check that with what you have been paying per month. You can calculate your EMI by using a piece of software called Microsoft Excel or a mathematical formula.

USING EXCEL
One of the easiest ways of calculating the EMI is by using the Excel spreadsheet. In Excel, the function for calculating the EMI is PMT and not EMI. You need three variables. These are rate of interest (rate), number of periods (nper) and, lastly, the value of the loan or present value (pv).

The formula which you can use in excel is:

=PMT(rate,nper,pv).

Let us check the EMI of Suraj by using the above formula.

It must be noted that the rate used in the formula should be the monthly rate, that is, 12%/12=1% or 0.01.

The number of periods represents the number of EMIs.

=PMT(0.12/12, 4*12, 445,000)= 11,718

The result will come in negative or red, which indicates the cash outflow of the borrower.

Let's take another example. Suppose you are paying a quarterly instalment on a loan of Rs 10 lakh at 10% interest per annum for 20 years. In such a case, instead of 12, you should divide the rate by four and multiply the number of years by four. The equated quarterly instalment for the given figures will be =PMT(10%/4, 20*4, 10,00,000).

USING MATHEMATICAL FORMULA
Unfortunately, you cannot access the Excel spreadsheet everywhere. In such a case, you can use your mathematical mind or an electronic calculator to know how much the EMI comes to. The mathematical formula for calculating EMIs is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments. When you use the above formula, you will get the same result that you will get in the Excel spreadsheet.

Источник: https://www.businesstoday.in/magazine/banking/story/how-to-calculate-emi-on-your-loans-formula-explanation-74916-2017-01-02

Financial Functions in Excel

The financial function we're going to explore is called PMT( ). You use this function when you want to calculate things like the monthly payment amounts on a loan, or how much per month a mortgage will cost you. We'll how to calculate mortgage payment in excel 2010 it to work out how much per month a loan will cost us. Here's what we'll do.

We've decided to take out a loan of ten thousand pounds from our friendly banker. We're going to be paying it back over 5 years. The question is, how much per month is this going to cost us?

The PMT( ) Function in Excel

The PMT( ) function expects certain values in between its two round brackets. The values that go in round brackets are known as arguments. The arguments for the PMT( ) function are these:

PMT(rate, nper, pv, fv, type)

Only the first three are needed, and you can miss the final two out, if you like.

We'll work out our monthly loan costs with the help of the PMT( ) function. First, create a new spreadsheet like the one below:

Excel 2007 Spreadsheet

If you look at cell B1 on the spreadsheet, you'll see a figure of £10, 000. This is the amount we want to borrow. The labels on Row 3 show what else we need: An interest rate, the number of payments we'll make over the 5 years, the present value of the loan, the amount we'll have to pay back each month, and the total amount paid back after 5 years. But we only need the first three for our PMT() function.

In cell A4, we'll ally bank mailing address for deposits an interest rate. In cell B4 we'll need the number of payments, and in cell D4 we'll need the Present Value of the loan. First is interest rate.

Imagine that the interest rate given to us by the bank is 24 percent per year. For the PMT( ) function, we need to divide this figure by 12 (the number of months in a year) So try this:

  • Click into cell A4 on your spreadsheet
  • Enter the following formula:

= 24% / 12

  • Hit the enter key to see the answer appear, as in the image below:

Now that we have an interest rate, the next thing we need for the PMT( ) function is how many payments there are in total. We have to pay something back every month for 5 years. Which is a simple formula. So,

  • Click into B4 on your spreadsheet and enter the following:

= 12 * 5

  • Hit the enter key to see a figure of 60 as the answer.

This figure of 60 is for the second argument of the PMT( ) function - the nper. This is just the number of payments.

Now that you have a figure in cell A4 (rate), and a figure in cell B4 (nper), there's only one more to go - the Present Value (pv).

The Present Value of a loan, also known as the Principal, is what the loan is worth at the present time. Since we haven't made any payments yet, this is just 10, how to calculate mortgage payment in excel 2010 for us.

  • Click into cell C4 on your spreadsheet and enter the following:

= B1

  • Hit the enter key
  • You'll see a figure of 10, 000 appear, and your spreadsheet should now look ours below:

OK, we now have all the parts for our PMT() function: a rate (A4), an nper (B4), and a pv (C4). Try this:

  • Click into cell D4 on your spreadsheet
  • Enter the following function:

=PMT(A4, B4, C4)

Hit the enter key on your keyboard, and you'll see the monthly amount appear. The figure you should have is -£287.68. The reason there is a minus sign before the total is because it's a debt: what you owe to the bank.

But this is what your spreadsheet should look like:

The montly payment amount

The only thing left to do is see how much this loan will cost us at the end of 5 years. All you need to do here is multiply the monthly amount in cell D4 by the number of payments in cell B4. Enter your formula for this in cell E4, and you spreadsheet will look like ours below:

So a ten thousand pounds loan, at the interest rate the bank is offering, means we'll have to pay back just over 17 thousand pounds over 5 years.

Tweaking the Values

We can change the spreadsheet slightly to give us more control. For your figure in cell B4, the number of payments, you entered 12 * 5. This is 12 months multiplied by 5 years. But what if we wanted to pay the loan back over 10 years, or 15? How much will our monthly payments then be? And will be the final cost of the loan?

Also, the interest rate seems a bit high. What if we can get a better rate elsewhere?

By making a few changes to or spreadsheet, we can amend these values more easily. First we'll need two new rows.

Inserting New Rows in Excel

We need to insert new rows in our spreadsheet. To insert a new row, click into cell A2. Then click on the Home tab at the top of Excel. Locate the Cells panel, and click the Insert item:

The Cells panel in Excel 2007

From the Insert menu, click on Insert Sheet Rows:

Insert a new row

Excel will insert a new row for you. Do this again to get two blank rows. Add two new labels, Num of Years and Interest. Your spreadsheet sheet will then look like this:

Two new rows have been <a href=how do you pay off your victoria secret card the PMT Formula

We can adapt the formulas we've entered so far, in order to make them more jpmc fraud alert usable. As an example, we'll adapt the interest rate.

To get the interest rate for cell A4, we entered a formula:

= 24% / 12

Instead of having the interest rate in cell A4, however, we can place it at the top, in cell B3 on our new Row. We can then alter the interest rate by simply typing a new one in cell B3. To clear all that up, try the following:

  • Click inside cell B3, which is the Interest cell in the image above
  • Click inside how to calculate mortgage payment in excel 2010 formula bar
  • Type in = 24%
  • Cell B3 should now read 24.00% (In Excel 2010 and 2013 you may have to format the cell to a Percentage value from the Home tab then the Numer item.)
To change the formula for your interest rate click inside of cell A6. Change the formula from this:

= 24% / 12

to this:

= B3 / 12

Hit the enter key on your keyboard and nothing should change amazon customer service chat transcript how to calculate mortgage payment in excel 2010 spreadsheet. But the difference is that you can enter a new interest rate in cell B3, and see how this effects the loan amounts. Try it out by typing 23% in cell B3:

As you can see, the interest rate has changed to a rather long figure. But notice the Monthly Amount - it has gone down to £281.90. The total amount we have to pay back has changed, too. Play around with the interest rate in cell B3, just to get a feel for how it works.

Exercise
In cell B6 of your spreadsheet, you have the following formula:

= 12 * 5

This calculates the number of months for the loan. Change this formula so that the number of years is coming from B2. Your finished spreadsheet should look like ours below:

The finished Excel 2007 spreadsheet

If you play around with the values in cells B1, B2 and B3 you should be able quickly see the new loan repayments.

In the next part, you'll see what Conditonal Logic is, and how to use it in Excel. First, try this project. It's all to do with Averages, so shouldn't cause you too many problems.

The Student Averages Project -->

<--Back to the Excel Contents Page

Источник: https://www.homeandlearn.co.uk/excel2007/excel2007s5p5.html

Mortgage Calculator – Loan EMI Scheduler – in Excel

Types of Mortgage Loan Interest Rates

There are broadly how to calculate mortgage payment in excel 2010 common types of interests in Mortgage Loans. In the first type, Interest is set to a Fixed rate of Loan Amount and in another the interest is set to a flexible or diminishing value. There are also other types how to calculate mortgage payment in excel 2010 in market, but these two are the common ones.

If it is a Fixed Interest, hotels near university at buffalo percentage of the total loan amount is calculated as interest and the buyer has to pay the dues on his chosen number of Installments. The interest remains the same through out the Mortgage tenure.

Also Read: Password Protect Excel 2010 & 2007 with Built in Option

In Flexible Interest type, the Interest is calculated for the Loan Remaining Amount after every installment payment. Whether it is fixed or flexible, people will choose the Mortgage which charges them with less possible Interest Amount.

Mortgage Repayment Calculator ( PITI Mortgage Calculator)

Download Flexible Mortgage Repayment Calculator. Click HereDownloaded 365 Times

As of now we got to know an overview about the Mortgage types, lets see how to generate the amortization schedule for a Mortgage repayment using our simple Excel template. Amortization Schedule refers to the table containing details like interest amount, reduced principle amount,property tax, insurance, etc., to be paid for each tenure.

When choosing fixed interest mortgage loan, it is easier to calculate and understand the monthly payments. But with diminishing interest, it is little difficult to derive the complete loan payment scheduler. Our Simple Excel template can ease out this situation for you.

Input Data Fields:

  1. Principle Amount: Mortgage Loan amount sought by individual
  2. Rate of Interest (in % per Year): Loan Interest Rate Opted by individual
  3. Loan Tenure Duration: Number of Payment installments given in Months
  4. Property Tax Amount, if any (per Year): As a owner of the property, tax paid for it
  5. Insurance Amount, if any ( per Year): It refers to How to calculate mortgage payment in excel 2010 Insurance or Private Mortgage Insurance.

Output Amortization Schedule:

  1. Total Payment towards Mortgage Loan: Total payment amount calculated using the summation of total Loan amount and total Interest paid for the full tenure.
  2. Total Interest Amount: Total interest amount paid for the full tenure of the loan
  3. Total Tax & Insurance: Total amount spent for Tax and Insurance for the full loan tenure period

Above details would be estimated and it would be shown after providing the correct input data of the chosen Mortgage loan. It will also list the monthly payment scheduler in a tabular format which is widely called as ‘Amortization Schedule’.

In the Mortgage world, amortization schedule inclusive of Property Tax and Insurance added with Principle & Interest is also called as ‘PRINCIPAL, INTEREST, TAXES, INSURANCE – PITI Mortgage Schedule’.

Hope you like our simple Excel PITI Mortgage Calculator, please let us know your feedback.

Download Flexible Mortgage Repayment Calculator. Click HereDownloaded 365 Times

Also Read: Find IP Address Location – GeoIP Lookup

Источник: https://officetricks.com/mortgage-calculator-amortization-schedule/

Using the PMT, PPMT, IPMT and ABS functions to create a Mortgage Calculator in Excel 2007 and Excel 2010

Introduction

Welcome to my latest two part hub on Excel 2007 and Excel 2010. In Part One today, I will discuss how to create a simple mortgage calculator using Excel. To achieve this, I will use three Excel functions

  1. PMT which will be used to calculate the total repayment amount
  2. PPMT will be used to calculate the amount of principal repaid
  3. IPMT to calculate the interest paid

My mortgage calculator will be able to calculate the repayments, interest and principal paid for either a repayment or an interest only mortgage paid how to calculate mortgage payment in excel 2010 quarterly or monthly.

  • In the background, I will also be using the ABS function (this function returns the absolute value of a number) which I use to remove the – sign from a number.
  • To allow me to control input from the user of the calculator, I am also using Combo boxes (the reasons behind this choice will become evident later on in this hub).
  • To convert the results of the Combo boxes into numbers the PMT, PPMT and IPMT functions can use, I will be using IF statements

Once the calculator is completed, the end result will be similar to mine below.

In Part Two, I will create an Amortization schedule which allows you to determine how much interest you pay each time you make a payment as well as calculating the effect of an overpayment. That can usps office open today found here:

http://robbiecwilson.hubpages.com/hub/Creating-an-Amortisation-loan-or-mortgage-schedule-using-Excel-2007-and-Excel-2010

Using PMT to calculate the repayment amount in Excel 2007 and Excel 2010

To begin with, we need to calculate the total repayment per month (or quarter). To do this, we us the PMT function.

The PMT functions syntax is as follows

Note: I have each variable on a separate line only for readability.

=PMT(Interest Rate / The number of repayments per year,

The number of repayments per year multiplied by the number of years,

The total amount of the mortgage,

Final value of the mortgage (if this is omitted then it is assumed to be 0),

Type which indicates when payments are made (0 or omitted assumes that interest is paid at the end of the period, 1 indicates it is paid at the beginning)

The figure below shows an example of the PMT function with the majority of the syntax replaced with the numbers used for simplicity.

NOTE: The cell containing the Interest Rate must have a % sign in the cell. If you do not include one, you will get an answer but it will be nonsensical. This is the reason that a combo box is used for the Interest Rate, to ensure that a % sign is used. Otherwise I run the risk of a % sign not being used and the calculations being inaccurate.

An example of a completed formula using the PMT function:

=PMT(Q2/12, L2*20,E16,0,0)

Q2 = 5.00% < Interest Rate >

L2 = 12 < Payment periods per year >

E16 = £100,000 < Brand new homes for sale in charlotte nc Value >

0 = < Final value of Mortgage = 0 >

0 = < Interest is paid at the end of the month >

NOTE: The result Excel gives you is a negative number. To turn this into a number we can use, we need to use the ABS function. To use the ABS function, simply enter the following into the cell you are looking to convert from a negative

=ABS(J16)

The figure below shows the result of the PMT function in red and the value after ABS has been used in black.

Using PPMT to calculate the amount of Principal paid using Excel 2007 and Excel 2010

The PPMT function is very similar to the PMT function in its syntax. The key difference is the addition of the period in the mortgage we are examining (in this case the first month).

Note: I have each variable on a separate line again only for readability.

=PPMT(Interest Rate / The number of repayments per year,

The period we are looking at (in this case the first month),

The number of repayments per year multiplied by the number of years,

The how to calculate mortgage payment in excel 2010 amount of the mortgage,

Final value of the mortgage (if this is omitted then it is assumed to be 0),

Type which indicates when payments are made (0 or omitted assumes that interest is paid at the end of the period, 1 indicates it is paid at the beginning)

An example of a completed formula using the PPMT function:

=PPMT(Q2/L2,1,L2*20,E16)

Q2 = 5.00% < Interest Rate >

L2 = 12 < Payment periods per year >

1 bobby berk home nyc < the first month of the mortgage >

E16 = £100,000 < Mortgage Value >

0 = < Final value of Mortgage = 0 >

0 = < Interest is paid at the end of the month >

The figure below shows an example of the PPMT function with the majority of the syntax replaced with the numbers used for simplicity

Using IPMT to calculate the amount of Interest paid in Excel 2007 and Excel 2010

The IPMT function is identical to PPMT in its format. The difference being that it calculates interest paid rather than principal paid.

Using Combo Boxes in the Mortgage calculator in Excel 2007 and Excel 2010

To ensure that the input from the user of my calculator is exactly what I want, I decided to use Combo Boxes with drop downs, rather than allowing free typing for the Interest Rate, the Mortgage Length and the whether the Payments were monthly or quarterly.

Combo boxes return a value based on which option was selected, so for Payments:

Monthly = 1

Quarterly = 2

We need to convert this to a number we can use in our PMT, PPMT and IPMT formulas.

To do this, I will use IF statements. In this instance our IF statement is quite straightforward.

=IF(K2=1,"12",IF(K2=2,"4"))

This converts the number returned by the Combo box into the numbers our functions need.

Note: The number in K2 is the number returned by the Combo box. The contents of D2 and D3 are used by Excel 2007 or Excel 2010 to create the options for the Combo box for Monthly or Quarterly Payments.

I have a hub that covers creating and using Combo boxes in far more detail that can also be found here:

http://robbiecwilson.hubpages.com/hub/Configuring-and-Using-Combo-boxes-in-Excel-2007

I also have a hub that goes into greater depth on the IF statement that can be found here:

http://robbiecwilson.hubpages.com/hub/Using-the-IF-and-IFERROR-functions-as-well-as-the-logical-functions-AND-OR-and-NOT-in-Excel-2007-and-Excel-2010

In today’s hub, we have created a mortgage calculator using the:

  • PMT function to calculate the overall repayments as well as
  • PPMT to calculate the principal paid and
  • IPMT to calculate the interest portion
  • ABS to convert a negative number to a positive one and finally
  • We used Combo boxes and IF statements to control user input and to convert the results from the Combo boxes into the numbers used by the formulas we created.

In Part Two of my mortgage calculator hub, I will be looking at creating an amortization schedule for a mortgage. I will be investigating two methods,

  • The first is to create on using the formulas that we have used in part one and
  • The second way is to use a built how to calculate mortgage payment in excel 2010 template that Excel 2007 provides.

That hub can be found here:

http://robbiecwilson.hubpages.com/hub/Creating-an-Amortisation-loan-or-mortgage-schedule-using-Excel-2007-and-Excel-2010

Both Excel 2007 and Excel 2010 are very powerful pieces of software and have the ability to take already potent functions and combine them with a number of others to create something very useful which makes Excel continually fascinating to use. I do hope that you have enjoyed reading this hub and that you have found something useful for you in amongst the functions I have used today to create my mortgage calculator. Many thanks for reading, please feel free to leave any comments you may have below.

Источник: https://discover.hubpages.com

How to calculate the EMI on your loan

Suraj Dutt, 29, a New Delhi-based store manager, bought a car in 2015 worth Rs 5.95 lakh. He made a down payment of Rs 1.5 lakh and took an auto loan for the rest of the amount at 12% interest per annum for four years. At present, he is paying an equated monthly instalment, or EMI, of Rs 11,700 per month. However, he has no way of knowing if the amount is correct or not.

Like Suraj, there are many people who are confused if their lender is charging them a fair amount as EMI. So, we decided to tell you how to calculate EMI so that you can cross-check that with what you have been paying per month. You can calculate your EMI by using a piece of software called Microsoft Excel or a mathematical formula.

USING EXCEL
One of the easiest ways of calculating the EMI is by using the Excel spreadsheet. In Excel, the function for calculating the EMI is PMT and not EMI. You need three variables. These are rate of interest (rate), number of periods (nper) and, lastly, the value of the loan or present value (pv).

The formula which you can use in excel is:

=PMT(rate,nper,pv).

Let us check the EMI of Suraj by using the above formula.

It must be noted that the rate used in the formula should be the monthly rate, that is, 12%/12=1% or 0.01.

The number of periods represents the number of EMIs.

=PMT(0.12/12, 4*12, 445,000)= 11,718

The result will come in negative or red, which indicates the cash outflow of the borrower.

Let's take another example. Suppose you are paying a quarterly instalment on a loan of Rs 10 lakh at 10% interest per annum for 20 years. In such a case, instead of 12, you should divide the rate by four and multiply the number of years by four. The equated quarterly hotels near university at buffalo for the given figures will be =PMT(10%/4, 20*4, 10,00,000).

USING MATHEMATICAL FORMULA
Unfortunately, you cannot access the Excel spreadsheet everywhere. In such a case, you can use your mathematical mind or an electronic calculator to know how much the EMI comes to. The mathematical formula for calculating EMIs is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments. When you use the above formula, you will get the same result that you will get in the Excel spreadsheet.

Источник: https://www.businesstoday.in/magazine/banking/story/how-to-calculate-emi-on-your-loans-formula-explanation-74916-2017-01-02

How to Calculate Your Personal Loan EMI Using Excel

How to Calculate Your Personal Loan EMI Using Excel
  • Highlights

  • Calculate EMIs using the PMT function on Excel

  • Use this formula =PMT(RATE,NPER,PV,FV,TYPE)

  • These variables need to be computed & may lead to errors

  • Use the online EMI calculator to avoid manual errors

Among the particulars of a personal loan, the monthly instalments or EMIs are those that you should pay maximum attention to. They dictate your interest outgo throughout the tenor and the overall cost of your loan. This is why it is important to know how to calculate your EMIs well before you borrow, as it helps you plan your repayment effectively. Since it is a mathematical calculation, you can pokemon ex cards worth money the EMI formula in Excel and output the results manually. This process will require you to also calculate the values for a few variables and so, it does require a level of proficiency.

Must Read :4 Top Factors That Led to the Growth of NBFCs in India
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To know how to go about calculating your personal loan EMIs and set up a loan calculator in Excel, follow these steps.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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Источник: https://www.bajajfinserv.in/insights/personal-loan-emi-calculation-excel
how to calculate mortgage payment in excel 2010

: How to calculate mortgage payment in excel 2010

How to calculate mortgage payment in excel 2010
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Comments

  1. Even I am searching that.if the interest is calculated on the remaining remaining balance???pls help if you got this answered!!

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