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Author: admin | Category: Calculator Car Loan | Date: 15.08.2015

Our free Home Mortgage Calculator for Excel is a powerful all-in-one worksheet that combines many of the features from our other mortgage and loan calculators. It helps you estimate the full mortgage payment (including insurance and interest), but if you want to estimate other monthly expenses of owning a home, you can try our Home Expense Calculator.
Disclaimer: We believe the calculations in this spreadsheet to be correct, but we do not guarantee the results. Information about how to use our free home mortgage calculator and definitions of some of the terms are included as cell comments in the spreadsheet. The first is to enter the original loan amount and date and then make adjustments to the payment history within the Payment Schedule as needed. The second approach is to enter the current mortgage balance and adjust the term length until the PI payment matches what you are currently paying. Calculate the payment and outstanding balance for a Canadian mortgageusing this calculator.
The spreadsheet is pretty self explanatory, and many of the cells contain pop-up comments that provide information about the inputs and calculations. This calculator allows you to analyze the effect of an Accelerated Bi-Weekly payment plan, a common type of mortgage repayment plan.
Canada Mortgage and Housing Corporation : Contains a lot of excellent material and guides for buying and selling homes in Canada, such as information about CMHC Mortgage Loan Insurance.
Mortgage Calculators : Provides a formula for converting between Canadian and US mortgage rates. The Vertex42® Mortgage Payment Calculator is a very simple spreadsheet that lets you compare different mortgages side-by-side.
If you are looking for a mortgage payment calculator that includes taxes, insurance, and other home ownership expenses, try our Home Expense Calculator.
Short descriptions describing the terms used in the mortgage payment calculator are included in a separate Help worksheet within the workbook. This simple mortgage calculator was designed for making side-by-side comparisons of different monthly mortgage payments, not including closing costs, mortgage insurance, or property taxes.
Compare the monthly payment for different terms, rates, and loan amounts to figure out what you might be able to afford.
The calculator is set up to compare 5 different mortgages, but you can easily expand this by inserting more columns. When considering the interest savings, the simple way to view making extra payments is that it is very similar to investing the money in a interest bearing account with the same interest rate as your mortgage rate (not including the effect of taxes). So, to estimate the effect of making accelerated biweekly payments, you just include an amount in the Extra Monthly Payment field equal to the Monthly Payment divided by 12. The bottom rows of the calculator are for estimating the amount of equity in your home after a number of years.
Home Mortgage Calculator - Our feature-rich mortgage payment calculator that includes an amortization table, flexible prepayment options, and optional adjustable rates.
Home Equity Loan Calculator - For second mortgages (hopefully you won't ever need this one).
An amortization schedule is a list of payments for a mortgage or loan, which shows how each payment is applied to both the principal amount and the interest. This spreadsheet-based calculator creates an amortization schedule for a fixed-rate loan, with optional extra payments. Start by entering the total loan amount, the annual interest rate, the number of years required to repay the loan, and how frequently the payments must be made. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, bi-weekly, or weekly. The Commercial Version allows you to use this spreadsheet in your loan or financial advisory business. The header includes a place for the borrower's name and your company info: View Screenshot. The Vertex42 logo and copyright are outside the print area so that they don't show up when you print the schedule.
This spreadsheet provides a more advanced way to track actual payments than the Payment Schedule included in the standard Loan Amortization Schedule.
Usually, the interest rate that you enter into an amortization calculator is the nominal annual rate.


Basic amortization calculators usually assume that the payment frequency matches the compounding period. Some loans in the UK use an annual interest accrual period (annual compounding) where a monthly payment is calculated by dividing the annual payment by 12. There are two scenarios in which you could end up with negative amortization in this spreadsheet (interest being added to the balance).
A loan payment schedule usually shows all payments and interest rounded to the nearest cent.
When an amortization schedule includes rounding, the last payment usually has to be changed to make up the difference and bring the balance to zero. With this template, it is really quite simple to handle arbitrary extra payments (prepayments or additional payments on the principal). If you are on your last payment or the normal payment is greater than (1+rate)*balance, then pay (1+rate)*balance, otherwise make the normal payment.
At the current average rate, you’ll pay about $450 per month in principal and interest for every $100,000 you borrow. For example, monthly payments on a 2.69%, 15-year loan would cost around $676 for every $100,000 borrowed. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Still, with rates so low, it’s prime time to be in the market for a new home or to refinance your existing home.
You will see these rates listed on Bankrate site averages; these calculations are run after the close of the business day. It lets you analyze a variable-rate mortgage or fixed-rate mortgage, and figure out how much you can save by making extra payments.
Check out our other mortgage spreadsheets as well, and let us know if you are need something that we don't have.
Because your personal financial situation is unique, you should probably consult your financial advisor, accountant, and lending institution before making any financial decisions. So, if you have questions, you can hover the mouse cursor over any cell that has a little red triangle in the corner.
That is the simplest solution, so we've added a new feature to the Extra Payments section (at the suggestion of one of our users) that lets you specify what payment you want the extra payments to start at. It allows you to specify the mortgage term, periodic extra payments, compound period, and payment frequency (including weekly and bi-weekly payments). Just choose "Acc Bi-weekly" or "Acc Weekly" from the payment frequency drop-down box (see below for more info). Basically, you just enter values in the white-background cells, and see what happens to the payment, total interest, outstanding balance, etc.
6 months, 1 yr, 2 yr, 3 yr, 5 yr, 7 yr, or 10 years), which is essentially the length of time that you are under contract for the specified mortgage rate.
It calculates your monthly payment and lets you include additional extra payment (prepayments) to see how soon you could pay off your home, or how much you could save by paying less interest.
The main difference is that your money may not be as liquid because you'd need to sell your house or use your equity as collateral to make use of the extra money you've put into your house. The schedule shows the remaining balance still owed after each payment is made, so you know how much you have left to pay. Then you can experiment with other payment scenarios such as making an extra payment or a balloon payment.
You can also make multiple copies of the Schedule worksheet within the same workbook, to compare different loans and scenarios. It can be used to estimate a payment schedule for a Simple Interest Loan or Simple Interest Mortgage, in which the interest accrues daily in a separate interest accrual account. It allows you to create a payment schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period. However, when creating an amortization schedule, it is the interest rate per period that you use in the calculations, labeled rate per period in the above spreadsheet.
In that case, the rate per period is simply the nominal annual interest rate divided by the number of periods per year. It will also help you calculate how much interest you’ll pay over the life of the loan.


You can set up periodic extra payments, or add additional payments manually within the Payment Schedule.
So, if you've already been making payments for a couple of years, you can choose to have scheduled extra payments start on payment number 25. A normal bi-weekly payment, found by setting the Payment Frequency to bi-weekly, would be $268.14 rounded. Keep in mind that some online calculators do not round the payment and interest to the nearest cent, so if you see a small discrepancy in the calculations, this is likely the issue. Please consult your financial advisor or lending institution before making any final financial decisions. Generally, for longer terms, your payment may be lower, but the total interest may be a lot more. The equity calculation includes the total principal paid (including extra payments) as well as your original down payment. To create an amortization schedule using Excel, you can use our free amortization calculator which is able to handle the type of rounding required of an official payment schedule.
Make sure to read the related blog article to learn how to pay off your loan earlier and save on interest. When the compound period and payment period are different (as in Canadian mortgages), a more general formula is needed (see my amortization calculation article). The way to simulate this using our Amortization Schedule is by setting both the compound period and the payment frequency to annual. The second is if you choose a compound period that is shorter than the payment period (for example, choosing a weekly compound period but making payments monthly).
Changing the Payment Amount makes more sense to me, and is the approach I use in my spreadsheets. For fixed-rate loans, this reduces the balance and the overall interest, and can help you pay off your loan early. Use the spreadsheet to compare different term lengths, rates, loan amounts, and the savings from making extra payments. It also lets you see how making periodic extra payments (prepayments) can save you money and help pay off your mortgage sooner. The result is that by the end of a year you will have paid the equivalent of one extra monthly payment towards the principal.
Our spreadsheet DOES round, and it also adjusts the last payment to bring the balance to zero. You also might want to try the Home Expense Calculator to take into account some of the other expenses associated with home ownership. You'd end up making 26 payments instead of 24 within a year, resulting in prepayments on the principal equivalent to one monthly payment. You can use the free loan amortization schedule for mortgages, auto loans, consumer loans, and business loans. Many loan and amortization calculators, especially those used for academic or illustrative purposes, do not do any rounding. So, depending on how your lender decides to handle the rounding, you may see slight differences between this spreadsheet, your specific payment schedule, or an online loan amortization calculator.
But, the normal payment remains the same (except for the last payment required to bring the balance to zero - see below). You may need to change this option if you are trying to match the spreadsheet up with a schedule that you received from your lender. It also calculates the outstanding balance at the end of a specified number of years and the tax returned if the interest paid is tax deductible.
If you are a small private lender, you can download the commercial version and use it to create a repayment schedule to give to the borrower. This spreadsheet rounds the monthly payment and the interest payment to the nearest cent, but it also includes an option to turn off the rounding (so that you can quickly compare the calculations to other calculators).



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