Create the first three cells in the “Date” and “Payment (Number)” columns. This should be entered into the first empty cell at the top of the “Loan” column.ģ. To the payment plan, add the initial loan amount. Loan – The amount remaining on your loan after a payment.Ģ.Extra Payment – The monetary value of any additional payments you make.Principal is the portion of the entire payment that is not interest (e.g., loan payment).
Interest is the portion of the entire payment that is paid as interest. Payment ($) denotes the entire amount paid. Payment (number) – The payment number as a percentage of the total number of payments (e.g., “1”, “6”, etc.). Day – The date on which the payment is paid. Each of the following categories will need its own column: Because the Payment Schedule relies on the Mortgage Calculator to determine how much you’ll owe/pay off each month, both should be included in the same document. To the right of your Mortgage Calculator template, create your Payment Schedule template. You don’t need a formula to determine this number since it is your Life Loan value multiplied by your Payments Per Year value.įor example, if you make a monthly payment on a 30-year life loan, enter “360” here.ġ. The overall cost of interest throughout the life of the loan is determined by your Interest Cost value.ĥ. Your Sum of Payments value covers the whole loan cost. The amount you pay each payment is represented by your Payment per Period value. Your Total Number of Payments value is calculated by multiplying the Life Loan value by the Payments Per Year value. The number of payments you make in a year is represented by your Number of Payments per Year value. Your Life Debt value is the number of years you have to pay off the loan. The value of your Annual Interest Rate is the proportion of interest that accrues each year. Your Loan Amount value represents the entire amount owed. You’ll need to input the necessary mortgage values. 
These will be placed in your “B” column, to the right of the “Categories” column. Total Payments Payments Per Period Total Payments Interest CostĤ.Amount of the Loan Annual Interest Rate in $.For the following categories, you will require a total of eight cells: To begin, click and drag the separator between columns “A” and “B” to the right at least three spaces so that you don’t run out of writing space. This will launch a new spreadsheet in Excel.ģ. You may need to first establish an Outlook account.Ģ. If you don’t have Excel installed on your computer, you may replace it using Outlook’s online Excel extension. 8 What is the formula for monthly payments in Excel? Creating a Mortgage Calculatorġ.
0 kommentar(er)
