Home Loan Calculator in Excel Format

Home Loan Calculator

Loan Amount ($) Loan Term (Years) Interest Rate (%) Monthly Payment ($)

This home loan calculator in Excel format helps you calculate your monthly mortgage payment based on the loan amount, interest rate, and loan term.

Loan Payment Formula

Monthly Payment = [Loan Amount × Monthly Interest Rate] / [1 – (1 + Monthly Interest Rate)^{-Loan Term × 12}]

Example Calculation

$300,000 loan amount, 3.5% interest rate, 30 years → Monthly Payment = $1,347.13

Why It Matters

Knowing your monthly mortgage payment helps you plan your budget and understand the financial commitment of homeownership.

Smart Strategy

Shortening your loan term can reduce the amount of interest you pay over time, but it increases your monthly payment.

FAQs

How can I reduce my monthly mortgage payment? Consider refinancing for a lower interest rate or increasing your down payment.

What happens if I make extra payments? Extra payments can reduce the total interest paid and shorten the loan term.

function calculateLoan() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const loanTerm = parseFloat(document.getElementById(“loanTerm”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanAmount <= 0 || loanTerm <= 0 || interestRate el.value = “”); document.getElementById(“monthlyPayment”).value = “”; }