How do I set up a mortgage calculator in Excel?
February 5, 2007 · Print This Article
chesspl asked:
What I would like to do is have 4 different fields, one each for the principal, interest rate, number of payments, and monthly payment. I’d then like to change ANY of the 4 fields, leaving one blank, and have Excel calculate whatever the missing variable happens to be in the last remaining field. How can I do this?
What I would like to do is have 4 different fields, one each for the principal, interest rate, number of payments, and monthly payment. I’d then like to change ANY of the 4 fields, leaving one blank, and have Excel calculate whatever the missing variable happens to be in the last remaining field. How can I do this?
Thanks!
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
Try putting this question in the computer section. The techies should definitely have an answer for you there.
I don’t know how often you need to solve for loan amount using rate, term and payment, but this simple calculator would allow you to vary three of the four variables.
I will look for guidance on excel and re-post if I find anything useful.
Excel uses different functions to calculate those different variables i.e. pmt for payment, rate for rate, pv for principal and nper for number of payments. It will require 4 different calculations.
I believe this is what you’re looking for