Whether you're buying your first home or refinancing, an Excel mortgage calculator is an easy way to balance several variables and find your perfect payment.
Leveraging the benefits of an Excel mortgage calculator
An Excel mortgage calculator is an easy-to-use spreadsheet that's designed to help you find your ideal mortgage payment. You can enter all of the different variables in your loan to find the perfect balance between your initial down payment, the interest that you'll pay on your loan, and the number of months before you're mortgage-free. Each element is clearly identified, and you can change one or several variables at a single time.
Altering interest rates
One of the largest factors determining the total that you'll pay has to do with the amount of interest that you'll be charged over the life of your mortgage. Rates vary depending on your credit record and the type of mortgage that you're approved for. When you use an Excel spreadsheet to calculate your mortgage, you'll see a box that's clearly labeled for your interest rate. You can pick from several amounts to see how just a few percentage points could alter your payments.
Changing your home's cost
Because you'd like to purchase the most home for the lowest price, you'll want to identify the amount of money that you can borrow based on the monthly payment you can afford. With a mortgage spreadsheet, you'll have the chance to tweak multiple variables while working to find the perfect balance. If you're sure of the amount of interest that you'll pay, you can change the length of your loan to find the terms that can maximize your spending power.
Balancing your down payment
Your down payment affects the total amount that you'll need to borrow for your mortgage and will ultimately determine the money that you need from a lender. When you use an Excel mortgage calculator, you'll have a chance to see how changing your down payment affects the amount that you'll pay on a monthly basis.
Before shopping for your dream home, you may want to see how a spreadsheet could help you find the perfect payment. You can easily change each variable in your mortgage equation while balancing your interest, terms and monthly repayment amount in a favourable way. The tool makes it easy to fine-tune your payments so you can find the perfect mortgage for your buying goals.
