Excel Formulas to Calculate an Estimated Mortgage Payment!!

For most modern people, calculating monthly mortgage payments has become a common job. Today, I will introduce some formulas to calculate the monthly mortgage payment in Excel for you. Let’s step into this article!! Get an official version of ** MS Excel** from the following link: https://www.microsoft.com/en-in/microsoft-365/excel

Generic Formula:

If you want to find out the estimated mortgage payment, you can use the below formula.

Syntax Explanations:

*PMT * – The PMT function helps to return the periodic payment for a loan.

Rate – It represents the interest rate.

Term – It represents the loan years.

Division (/) – It is used for dividing values or numbers.

Minus Operator (-) – This symbol will help to subtract any two values.

*Multiplication (*) *– In this symbol will multiply any two values or numbers.

Comma symbol (,) – It is a separator that helps to separate a list of values.

Parenthesis () – The main purpose of this symbol is to group the elements.

Practical Example:

Refer to the below example image.

Here, we will enter the input values in Column B and Column C.

Now we need to find the estimated mortgage payment.

Select any cell and apply the above-given formula.

Finally, press the ** ENTER** key, you can get the result as shown below.

Wrap-Up:

In this chapter, we have described the formulas to calculate the simple interest in Excel. Please feel free to state your query or feedback for the above article.

Thank you so much for visiting *Geek Excel!! **If you want to learn more helpful formulas, check out Excel Formulas *!! **

Read Also:

Excel Formulas to Calculate the Principal for Given Period ~ Easily!!

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Excel Formulas to Calculate the Payment for a Loan ~ Useful Tricks!!