How to Calculate Mortgage Payments - Find Out Today [mortgageloan-processor.blogspot.com]
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mortgageloan-processor.blogspot.com Real Estate Basics : How to Calculate a Mortgage Payment with Insurance & Taxes
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Computing for mortgage payments is quite complicated. This is why there are a few ways to compute for it. One is using the spreadsheet application.
Here is how to calculate mortgage payments using the Excel spreadsheet application.
First, enter the information below into the topmost cell, (which you can change it if you want).
• Loan Amount
• Interest Rate
• Number of periods
Next, number each row with each payment. You could use the "fill handle" for large numbers.
Then, create columns with the following information.
• Starting loan balance
• Payment
• Amount applied to interest
• Amount applied to principal
• Remaining loan balance
Now, let's enter the formulas.
Use the PMT function for the calculation of the monthly payment. Here is what you need to enter for this function.
• Rate - the interest rate for the loan
• Nper - the total number of payments to be made
• Pv - the present value.
• Fv - the future value. The cash value you want to attain after the payment
• Type - Logical value. 1 = payment at the beginning of the period or 0 = omitted
To get the amount applied to the interest, use the IPMT function. Below are the values to enter.
• Rate - the interest rate for the loan
• Per - period you want to find the interest. This should be from one to the number of periods
• Nper - the total number of payments to be made
• Pv - the present value. This is the total amount of the series of future payments is worth
• Fv - the future value.
• Type - Logical value. 1 = payment at the beginning of the period or 0 = omitted
To get the amount applied to the principal, subtract the interest computed using Ipmt from the payment.
Lastly, subtract the principal paid from the loan balance to get your new loan balance.
To get the remaining payments, repeat the above steps.
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