Mortgage Payment Calculator

By | September 26, 2013

Mortgage is a term referring to a type of loan, offered by banks and other financial institutions to help tackle your financial requirements regarding the construction or acquiring of a home. In such loan, the property itself is the guarantee and the institution has all rights reserved to take over in case you fail to pay back the loan.

Mortgage handling is not an easy job for a common person; especially to keep an eye on the monthly installments, calculation of the installments, consideration of taxes and restrictions, interest rates and many other things. For that purpose, we have mortgage calculators available; which do all of the jobs and answers all the queries related to mortgage handling of a common man. Mortgage calculators are easy available to every person, who has access to the computer and the world of internet, these days.

Here is preview of this Free Sample Mortgage Calculator created using MS Excel,

Mortgage Payment Calculator

Mortgage calculator in reality is system software, or a program developed to calculate the mortgage related information; with a few basic facts provided to the mortgage calculator, it can calculate the other required information in the matter of few seconds. A mortgage calculator can be easily downloaded for free or either can be bought from internet at a very cheap price. A common mortgage calculator works on the following set of procedure described briefly as below:

  • The first field requires the amount of loan you have acquired. It is the actual amount you have applied for, as a loan from bank. This is mostly the first required information in most calculators. For example, if you applied for $30,000, this will be your amount of loan.
  • Afterwards there is a field which inquires about the interest rate applicable on your mortgage loan. It is different for different banks. For example, if your bank takes 1.5% interest on the applied amount then you will enter 1.5 in this field.
  • The third basic information is the duration in which you have to pay the loan back. It depends on the feasibility and the banks’ offered time period. Most calculators give the option to enter the number of months; in that case you will have to convert your years into months. Some others give the option to enter the number of years.
  • After that the calculator will calculate your monthly installments and other related information.
  • In some advanced calculators, the option to consider property tax and other taxes is also offered. These taxes vary from country to country and region to region even within a country. So you should have to know about the applicable taxes before you can use this feature. And after that, the calculator will calculate the installments etc.

These calculators are also available on the internet, where you can put up your data right in, at the webpage and don’t need to be downloaded on your computer. The calculators are an effort by the software engineers and the bankers; the engineers converted the mathematical calculations and formulae of the bankers into an easy-to-use interface for a common man. Some of these calculators also indicate graphs for the payment options and other necessary data. The invent of such calculators lead to a lot of problem solving options other than to have to visit the bank more often and inquire the bank officer and wasting a lot of time.

Here is download link for this Free Mortgage Calculator,

Download Mortgage Calculator

Related Excel Templates

  • Mortgage Refinancing StatementMortgage Refinancing Statement When you should consider mortgage refinancing? This is such a question that should be very clear to you to take right decision about mortgage financing. What do you think about mortgage refinancing? There might be a time when you will have mortgage refinancing opportunity. It is suitable when interest rates are lowered. It means that you will have to pay less on your monthly mortgage […]
  • Net Worth Statement TemplateNet Worth Statement Template Knowing about your current financial worth is primary step towards financial planning process. Net worth statement is considered crucial in process of financial planning. Net worth statement is an accounting of all assets minus all of company’s liabilities. Financial statement is very advantageous tool that helps you determine your current financial state. It also helps you tracking in […]
  • Moving Average Forecast TemplateMoving Average Forecast Template As you might guess we are looking at some of the most Fundamental approaches to forecasting.  But hopefully these are at least a feasible introduction to some of the computing issues related to executing forecasts in spreadsheets. A moving average is a procedure to get an overall idea of the trends in a data set. It is a subset of an average numbers. The moving average forecast is […]
  • Amortization Schedule Calculator TemplateAmortization Schedule Calculator Template Amortization is a process of paying a debt from loan or mortgage over a pre-defined period of time into smaller installments. The amount you get from a loan or house mortgage has to be paid back with additional amount of interest on the loan. People don’t have enough money to buy a house or a vehicle all the time so they get financial help from a bank or Loan company who gives them the […]
  • Mortgage Comparison TemplateMortgage Comparison Template Mortgage means getting a loan to buy some kind of property which usually comes with predefined payment periods and interest rates. Not every person in the world has resources to buy a house or office whenever he wants either because of his low salary or disability of arranging the down payment. In that case he contacts to a bank to get some money as loan and promises to return the full […]
  • Menu Planning TemplateMenu Planning Template Have you every thought about being entertained at home? What comes in your mind when you intend to have entertainment at your home? Did you find this a challenging job to plan a menu of your better entertainment? Let’s talk about a few tips that can make your lunch or dinner party an entertaining. There most observing tips in the following which may help you better to get all you […]
  • Income Statement TemplateIncome Statement Template An Income Statement also known as statement of loss and expense is one of the major financial statements necessary to prepare for business organizations. This statement encompasses revenue, expenses and net results derived at the end of a given period like at the end of month or fiscal quarter. It will help you to take important decisions for the benefits of organization. It serves as […]
  • Balance Sheet TemplateBalance Sheet Template Balance sheet is a vital part of financial statements of all organizations because without it you cannot effectively manage accounts of your organization. It helps you a lot to analyze the financial position of your organizations in the market and you can effectively measure the growth or decline rate of your organization. Balance sheet is designed to evaluate the assets and […]
  • Compound Interest Calculator TemplateCompound Interest Calculator Template It’s not an easy job to earn money but this is also a fact that money grows more money. For example if you put your money in a bank, it increases with the passage of time as the bank pays you fees for using your money and that fees is called interest. When you get a loan from a bank or a mortgage firm, you have to pay more than the principal amount as the fees to use the loan money. […]
  • Extra Payment Calculator TemplateExtra Payment Calculator Template Those of you, who bought a house or a vehicle on a mortgage or loan, know this term “Extra payment” very well and those who don’t know what the heck is an extra payment, here’s some explanation. When you get a mortgage, you agree to pay it back to the bank or loan firm in installments monthly or annually. With an additional amount in form of interest rate, you pay off the principal […]