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You can use mortgage calculators that are freely available on the Internet. You would have to put in some figures like the mortgage amount, duration of the loan and gross income to arrive at a figure. While these online calculators are easy and simple to use, they do not allow you to compare quotes from different lenders or even save the result of each calculation.
That is why you should be looking to make your own worksheet on your computer using Excel. This way you will be compare quotes and also see how the mortgage repayment is affected if the term of the loan is altered.
First of all, open a new worksheet in Excel and label rows ranging from A1 to A3 as Loan Amount, Mortgage APR and Mortgage Term respectively. In row A5, put in the label Monthly Payment.
In the corresponding cell from B1 through B5, enter the data that you have on the mortgage. Please remember that the APR will have to be converted to decimal format. For example, a 5 percent APR will be entered in the worksheet at 0.05. In cell B5, you will have to add the formula to calculate the monthly payments. The formula is as follows:
=-PMT(APR/12,Mortgage Term * 12, Loan Amount)
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