For most modern people, calculating monthly mortgage payments has become a common job. Today, I will introduce some formulas to calculate the monthly mortgage payment in Excel for you. Let’s step into this article!! Get an official version of ** MS Excel** from the following link: https://www.microsoft.com/en-in/microsoft-365/excel
Generic Formula:
- If you want to find out the estimated mortgage payment, you can use the below formula.
=PMT(rate/12,term*12,-C9)
Syntax Explanations:
- *PMT * – The PMT function helps to return the periodic payment for a loan.
- Rate – It represents the interest rate.
- Term – It represents the loan years.
- Division (/) – It is used for dividing values or numbers.
- Minus Operator (-) – This symbol will help to subtract any two values.
- *Multiplication (*) *– In this symbol will multiply any two values or numbers.
- Comma symbol (,) – It is a separator that helps to separate a list of values.
- Parenthesis () – The main purpose of this symbol is to group the elements.
Practical Example:
Refer to the below example image.
- Here, we will enter the input values in Column B and Column C.
- Now we need to find the estimated mortgage payment.
- Select any cell and apply the above-given formula.
- Finally, press the ** ENTER** key, you can get the result as shown below.
Wrap-Up:
In this chapter, we have described the formulas to calculate the simple interest in Excel. Please feel free to state your query or feedback for the above article.
Thank you so much for visiting *Geek Excel!! **If you want to learn more helpful formulas, check out Excel Formulas *!! **
Top comments (1)
Well, I would never understand this math :D Even if almost all in my family work as mortgage brokers. Mortgage brokers are an essential part of the mortgage process, and they are paid pretty well. I live in Uk, and here the best firm is Mortgage Advice Sheffield, so if you're thinking about buying a home in Sheffield or anywhere else in the UK, consider this an option. I think that nowadays almost nobody can buy a house on their own, I don't know if it's a salary issue or market prices or some kind of economy crisis. I hope things change for the better.