How to Set Up A Mortgage Calculator In Excel?

For the majority of people who are carrying on the financial burdens of having a mortgage taking the time to calculate monthly payments and installments is somewhat overwhelming. For those who aren't, Microsoft Excel spreadsheet offers the chance to build your individual mortgage calculator. www.office.com/setup

Microsoft excel mortgage calculator

The mortgage calculator could be made to accomplish things like calculating the monthly installments to pay back the loan, or the all the cost of the loan, while keeping the annual interest rate constant. The spreadsheet also displays an array of tables that show the amount of the monthly installment that is applicable to interest and principle. With the flexibility the spreadsheet offers it is possible to show the way that any extra cash against principle affects the loan as well as the monthly installments. With so many options it is no reason to put up by making calculations and keeping track of your own. Start working on Microsoft Excel and calculate your mortgage!

How do you build a mortgage calculator using Microsoft Excel?

If you're new to Microsoft Excel Here are a few steps you can follow to build a mortgage calculator on your own.

  • First step opening MS Excel.
  • Start creating labels to assist you identify the information in your mortgage calculator as well as entering the details. In the beginning you can type "Loan Value" in cell A1 "number of monthly payments" in cell A2 "interest rates" on A3. You can also type "monthly payments" in the A5.
  • The next step must create columns so that they can recognize and accept data that is formatted correctly. For example, cell B1 must recognize the information as currency as this is the way to indicate the amount of loan. To format the cells therefore, right-click on the cell you want to format (B1 in this instance) and then select "format cell" from the menu that pops up. In the window for formatting choose the tab that says "number". In this tab, look for"category "category" and then select "currency" (for the cell B1). Select the currency symbol, and set decimal places to 2 decimal places. Choose "ok" for saving the changes and continue. Repeat the steps outlined above to set the format for the other cells, too. But, for B2 it is not required to define any decimal places, therefore choose "zero". For B3, under "number" tab, select "percentage" for calculating interest rate. In this case, decimal points would be "zero". B5 is also "currency" So repeat the same steps like B1.
  • After all the cells have been correctly formatted, you will need to enter the formula for mortgage calculator. In the same way method, you can make use of functions such as "PMT" which is able to manage amortization. So, all that's needed in order to use it is enter the information needed to calculate the amount to be paid. To calculate this, in cell B1, type in the amount of the loan like 10000 (hypothetical) and then press enter. The worksheet will translate it into currency. Fill in B2 with a number of 360, which indicates the loan is 30 years (30x12 months = 360). Cell B3 write the rate of interest. For instance, a hypothetical interest rates of 6.75.
  • The last thing to do now is enter the formula which will be ABS(PMT(B3/12,B2,B1)). In the formula above, ABS stands for absolute value, B3/12 is a annual interest divided by the the number of months in a year (as we require to calculate a monthly installment) B2 represents the total monthly installments and B1 is the the principal amount of loan. Enter.

The results will display your monthly installment you'll need to make. Based on the numbers we used in our example, it would be $648.60. office.com/myaccount

 

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