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how to use excel to calculate monthly mortgage payments. The total number of payments across the lifetime of the mortgage this is the number of payments per year multiplied by the amortization period and the loan amount. The number of periods for your loan will be entered in cell B3.
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To calculate an estimated mortgage payment in Excel with a formula you can use the PMT function. The rate will be 612 to get a monthly rate of interest. Calculate monthly mortgage payment with formula.
To calculate the principle amount in the monthly payment we will use the PPMT function.
Type Rate into cell A2. Entering 5 will result in a 500 interest rate each month. Open a new workbook by pressing Ctrl and N Type Principal into cell A1 on the Excel worksheet. You can use an Excel formula here such as 0612 to represent 6 percent annual interest that is accrued monthly.
