Hi - Dave here.
Happy Friday!
Mortgage rates are high, and maybe going even higher!?
If you're in the market for a new home, you need to be able to quickly estimate your mortgage payment for different options.
You can easily do this in Excel with the PMT function, as seen below:
[
Download the workbook and read the full explanation]
To estimate a mortgage payment, you'll need to provide the rate, the number of periods, and the loan amount. The tricky part of using PMT for a mortgage is providing the rate and periods. Because mortgage rates are annual, and terms are stated in years, the inputs need to be "normalized" for monthly periods. Click the link above for a complete explanation. Then download the worksheet and try it out yourself.
Excel formulas
We maintain a list of over 500 working formulas
here.
If you need more structure, we also offer
video training.
Have a great weekend!
Dave
