Mortgage Calculator: Calculate Your Monthly Payment with Excel!

Are you looking to calculate the monthly payment on a house?

If so, would you like to use Excel to make it easier and more efficient?

Yes, I am interested in using Excel to calculate my monthly payment!

By entering the house price, downpayment percentage, annual interest rate, and loan term, Excel can help you quickly determine your monthly payment amount.

Let's dive into the details of how you can calculate your monthly payment using Excel for a house worth $750,000.00 with a downpayment of 20%, an annual rate of 2.8%, and a term of 15 years.

Calculating your monthly mortgage payment using Excel is a breeze! By inputting the necessary information, you can get an accurate estimate of your monthly financial commitment.

First, determine the loan amount by subtracting the downpayment from the house price. In this case, it would be $750,000.00 - 20% = $600,000.00.

Next, convert the loan term to months by multiplying the number of years by 12. For a 15-year term, this equals 180 months.

Now, calculate the monthly interest rate by dividing the annual rate by 12. With a 2.8% annual rate, the monthly rate is approximately 0.00233.

Using the formula for monthly payment (P * (r * (1 + r)^n) / ((1 + r)^n - 1)), you can plug in the values to find your monthly payment.

After applying the formula, you will get a monthly payment of $3,426.04 for a $750,000.00 house with a 20% downpayment, 2.8% annual rate, and 15-year term.

Excel not only provides an accurate calculation but also offers a user-friendly interface for entering and viewing your financial data. With Excel, you can track your mortgage payments easily and efficiently.