Then, the number of payments is in cell B3 and loan amount in cell B4. Multiply 1,250 by your number of payments, 180 (12 payments per year15 years), to get 225,000. For example, imagine you are paying 1,250 per month on a 15-year, 180,000 loan. How to Calculate Payments PMT total payment each period PV present value of loan (loan amount) i period interest rate expressed as a decimal n. This number will represent the total amount you will pay in interest over the life of your loan. To get the monthly payment amount for a loan with four percent interest, 48 payments, and an amount of $20,000, you would use this formula:Īs you see here, the interest rate is in cell B2 and we divide that by 12 to obtain the monthly interest. Subtract your principal from the total of your payments. The only required arguments are the first three for interest rate, number of payments, and loan amount. The syntax for the function is PMT(rate, number_payments, loan_amount, future_value, type) You can take a more in-depth look at the breakdown of a loan with excel. Our Excel mortgage calculator spreadsheet offers the following features. Select the cell where you want to calculate the monthly payment this is where you'll insert the PMT (payment) function. Dont have a mortgage and want to find out what your repayments could be and how long it. Use Excel to get a handle on your mortgage by determining your monthly payment, your interest rate, and your loan schedule. Select loan term, loan amount, and interest rate to view the amortization table. Get the annual interest rate, number of payments you'd like, and total loan amount and enter these into your sheet. Related: 7 Essential Microsoft Excel Functions for Budgeting To find out in Excel, you simply need the basic loan information and a handy function. Calculate a Loan Payment in Excelįor many people, affording a new car involves knowing what the monthly payment will be. With a few simple functions and your data, you can easily get basic loan calculations in Microsoft Excel.
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