For example, if you had a 25,000 loan at 6.5. would build an amortization table showing separate columns for the starting balance. In cell B4, enter the formula -PMT(B2/1200,B312,B1) to have Excel automatically calculate the monthly payment. Input the best discounted mortgage rates and compare the savings against current bank posted rates over the term of the mortgage loan.Ĭalculate the potential equity in your home at mortgage renewal based on the annual appreciation rate you input. Excels PMT function calculates the payment for a loan based on a.
View your mortgage graph or amortization schedule.Ĭalculate housing affordability based on a wide range of household incomes and down payment categories by inputting the current market mortgage rate.Ĭalculate the down payment, insurance fees, monthly payments and household income required to buy your new home.Ĭalculate the growth of your savings and periodic investments over time. This also represents a savings of $ in interest.Ĭalculate your mortgage payment and determine the interest savings of making additional monthly or annual prepayments. Then, the number of payments is in cell B3 and loan amount in cell B4. By making prepayments, the amount of time it will take to pay off your mortgage has been reduced by: Year(s) and Month(s). To get the monthly payment amount for a loan with four percent interest, 48 payments, and an amount of 20,000, you would use this formula: PMT (B2/12,B3,B4) As you see here, the interest rate is in cell B2 and we divide that by 12 to obtain the monthly interest.
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