google mortgage calculator with extra payments

Google mortgage calculator with extra payments how to#

To convert it to a monthly interest rate, we divided it by 12. In this case, the value comes from cell C3 (Annualized Interest Rate). The first argument for the PPMT formula asks for the rate of interest. It should look like the example shown below: =PPMT( $C$3 / 12, B9, $C$4 * 12 ,- $C$2 )ĭrag the formula across the rows to capture the Monthly Principal Amount in the entire column D for 240 months. Step 4: In cell D9, copy and paste the following formula to calculate the Monthly Principal Amount: Then we can use them both to calculate the Monthly EMI. Drag this formula downward across the rows until you have labeled 240 months (20 years * 12 months per year).īefore filling in the Monthly EMI column, we will first capture the Monthly Principal Amount and Monthly Interest. Step 3: For the Months column, type the first month’s value as 1 in cell B9, then use the formula B9+1 in cell B10 to return the following month’s value. Now let’s take a look at building the Google Sheets mortgage calculator formula step by step. Outstanding Principle – Represents the outstanding principal amount you have after each payment.Monthly Interest – Represents the interest amount you pay every month.Monthly Principal Amount – Represents the contribution toward the principal amount in your monthly EMI.Monthly EMI – Represents the amount you pay every month.Months – Represents the number of months in your loan.These attributes are pretty straightforward: Step 2: Across cells B8:F8, type the following descriptions related to each attribute you will have in your mortgage calculator: Months, Monthly EMI, Monthly Principal Amount, Monthly Interest, and Outstanding Principal. You will need these details in order to create your own mortgage calculator. Fill in these details under Google Sheets across cells B2:C4 as shown below: Suppose you want to take out a loan of $600,000 at 7% interest with a tenure of 20 years. Step 1 : Start by adding some of the essential information about your mortgage to your sheet, such as the Principal Mortgage Amount, Annualized Interest Rate, and Tenure in Years.

Google mortgage calculator with extra payments how to#

How to Make a Mortgage Calculator (Step by Step)įollow the steps below to learn how to make your own mortgage calculator in Google Sheets:

Does Google Sheets have a mortgage calculator?.

How do I calculate mortgage payments in Google Sheets?.How to Make a Mortgage Calculator (Step by Step).