what formula do I need to use in Excel to calculate a Mortgage payment for a 30 year fixed loan?

Answer 1

This is your answer. This is the formula that the real estate websites do not want you to know. You must start with pasting the values after the description (i.e. Price) in cell C2.

=C2Price $395,000.00
=C2*C10Down Payment $98,750.00
=C2-C3Principal $296,250.00
=C5Interest Rate5.375
=C6Length30
=C5/(12*100) Monthly interest in decimal0.004479167
=C6*12Number of months that loan360
=C4*(C7/(1-(1+C7)^-C8))Monthly Payment $1,658.91
= C10Down Payment %25.000%

I am a real estate investor and I can plug numbers into my excel file on the fly and it will tell me if I will make money or not given certain assumptions.

Let me know if you have any follow up questions.

Good Luck!!!

Answer 2

To calculate a mortgage payment for a 30 year fixed loan in excel here is the formula - PMT(interest rate/12,# of years*12,amount borrowed)*-1

for example

For example, if you want to purchase a property with a sales price of $179,000 and are putting 10% down (17,900). The 161,100 (is 90% financed), If you have an interest rate of 7.75%, at 30 years fixed, with a loan amount of 161,100. The calculation looks like this:
PMT(7.75/12,30*12,161,100)*-1

The payment (principal and interest) will come out to $1,154.14 a month.

Answer 3

Mortgage Payment Formula

Answer 4

Excel Mortgage Calculator

Answer 5

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Take the amount you are actually borrowing. (this is what you are paying for the house minus the down payment.) Then multiply that amount by the interest rate. Then divide that amount by 360 months and that should be your payment. This is of course assuming that your mortgage is a fixed interest rate. If it's an adjustable rate mortgage, then you will have to edit the interest rate as you go which will change the monthly payment. On excel you should use multiple cells for this calculation. One cell should be the cost of the house, another should be the down payment, another the interest rate etc... I hope this helps you.

Answer 6

To excel a mortgage payment you just make an extra payment.

If you need to find better rates go to https://tr.im/IF4bf I would try doing both if you have a bad rate on you 30 year fixed. But thats the idea in general to get the best deal and payment for you mortgage.

Answer 7

Open Excel, and click insert, then function. Once the dialog box opens, click financial from the dropdown menu under "choose a catagory." Scroll down and click "PMT" under "choose a function." A new dialog box will open. For "rate", make sure you devide by the number of payments within the year assuming the rate in annual. For example, if your interest rate is 7% per year, the calculation will be .07/12 = .005833 This will be your interest rate per month. For "Nper", multiply the length of the loan by the number of payments within the year. For example 30 Years x 12 months = 360 This will be the total number of monthly payments made for the loan. For "PV" (Present Value), enter the total amount you are borrowing. For example 300000. For "FV" (Future Value) enter 0 assuming your loan will be paid off at the end of 30 years. For "Type" enter a 1 if your scheduled payment is at the beginning of the month, or enter 0 if your payment is at the end of the month. Assuming your scheduled payment is at the beginning of the month, your payment should be 1,984.33 against a $300,000 loan at a 30 year 7% fixed. Note that this amount will only include Principle and interest. If you looking for a house, you'll need to come up with an estimate for taxes and insurance in addition to the payment above, however, for a car, this works like a charm.

Cheers

Answer 8

Use the PMT cell formula function. The syntax is:

=PMT(monthly rate as decimal, #months, principal).

Suppose you have a $10000 loan 15 years at 6%. The formula is:
= PMT(0.005, 180, 10000).

Answer 9

http://realestate.yahoo.com/calculators/payment.html

Answer 10

Was going to ask this too