Figure Mortgage Payment Loan

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Note that on ARMs, the payments used to calculate the APR are those that would occur under the assumption that the index rate does not change over the life of the loan. On a cash-out refinance, the APR ignores the existing mortgage that is paid off, which makes it a poor guide to the decision (see The APR on a Cash-Out Refinance ).

Loans have four primary components: the amount, the interest rate, the number of periodic payments (the loan term) and a payment amount per period. You can use the PMT function to get the payment when you have the other 3 components. For this example, we want to find the payment for a $5000 loan with a 4.5% interest rate, and a term of 60 months.

To calculate a monthly payment for a loan using Excel, you will use a built-in tool called "PMT, " or the "Payment" function. The PMT function works the same across all versions of Excel, so the instructions below will work no matter if you are running an old or brand-new edition of the program.

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Enter the mortgage principal, annual interest rate (apr), loan term (in years), and the monthly payment. Then choose one of the three options for entering/calculating the number of mortgage payments made (leave two of the options blank) and click the "Calculate Mortgage Balance" button to return your current balance & loan payoff amount.

To calculate what your mortgage payments will be, type the payment, or PMT, function into a spreadsheet. You will be prompted to input your monthly interest rate, the number of payments during the loan period, and the principal on your loan. Once you have typed in these numbers, hit enter to get your monthly payment.

Use an online mortgage calculator such as mortgagecalculator.net to estimate your monthly payments for varying mortgage loan amounts. This will help you determine how much you can afford to spend on a home. When plugging in the information, include your pre-approved interest rate, loan term and down payment amount, if applicable.

Equation for mortgage payments. M = P[r(1+r)^n/((1+r)^n)-1)] M = the total monthly mortgage payment. P = the principal loan amount. r = your monthly interest rate.