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.

=PMT(rate/12,term*12,-C9)

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.

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