This Microsoft Excel mortgage calculator helps you calculate your monthly mortgage payments using basic Excel formulas. It’s a simple tool for understanding your loan terms and payment schedules.

Mortgage Formula

Monthly Payment = Loan Amount × (Interest Rate / (1 – (1 + Interest Rate)^-Loan Term))

Example Calculation

$300,000 loan, 4.5% interest rate, 30-year term → Monthly Payment = $1,520.06.

Why It Matters

Understanding your monthly mortgage payment is essential for planning your finances and managing your home loan effectively.

Smart Strategy

Consider paying off extra principal or refinancing if rates drop to save on interest payments over the long term.

FAQs

How can I reduce my monthly mortgage payment? Consider refinancing for a better rate or lengthening the loan term.

Can I pay off my mortgage early? Yes, but check for prepayment penalties before making extra payments.