How to Calculate Mortgage Payments Using Excel

Written by greg lindberg
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How to Calculate Mortgage Payments Using Excel
Calculate your mortgage payments using Microsoft Excel. (computer keyboard image by Tom Curtis from

Microsoft Excel is a spreadsheet application that is a part of the Microsoft Office software package. The application allows users to perform functions, create charts and graphs, create a roster and store data. Users can also apply a specific formula to an Excel spreadsheet in order to calculate mortgage payments. The easiest way to determine monthly mortgage payments is to use the PMT function. The process for calculating formulas is the same for all versions of Excel.

Skill level:
Moderately Easy

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Things you need

  • Microsoft Excel

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  1. 1

    Open the Microsoft Excel application on your computer. Click on any cell within the worksheet.

  2. 2

    Type "=PMT". On the same line, add a parenthesis, and then enter the monthly interest rate, followed by a per cent sign.

  3. 3

    Add a forward slash after the per cent sign and enter the yearly number of payments, followed by an asterisk representing a multiplication symbol. Enter "12" after the asterisk to represent 12 months of a year.

  4. 4

    Enter a comma after the 12, and enter the starting amount of the mortgage loan before interest was accumulated, followed by a closing parenthesis. An example of the entire formula is: =PMT(6%/12,30*12,180000).

  5. 5

    Press the "Enter" key after you complete the formula. The amount of your monthly mortgage payment will then be displayed in a red font colour.

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