Mortgage Payment Calculator Template

Are you planning to buy a home? With this mortgage payment calculator template, you can do different what-if scenarios to see what your monthly payment will be. You can adjust interest rates, home prices, and downpayment amounts. The template will do a sensitivity analysis for you based on those variables.

How the mortgage payment calculator template works

There are eight cells that are highlighted in yellow on the template. These are all the values that you can change.

Inputs for the mortgage payment calcultor

You can specify the house price you want to start from, and the increments you want to jump by. The same fields exist for interest rate. You can also specify the term of the mortgage and your downpayment amount. There’s a space for rental income as well, in the event you plan to rent out part of your home. And lastly, there’s a monthly budget. By entering in this, the template will calculate what your maximum house price will be. This shows up in the cell that is highlighted in grey.

Once the inputs are filled in, you’ll see a range of values below. This shows you the different monthly payments at different house prices and interest rates. The beginning interest rate which you entered shows up in the middle. That way, you can see what the impact will be if interest rates are both higher or lower. If you want to see larger jumps in the house prices or interest rates, simply adjust those variables.

Conditional formatting is also used here to show you where the lowest values are (green) versus the higher ones (red).

Schedule of monthly mortgage payments with conditional formatting applied to show high versus low values.

Downloading the template

This template is entirely free to use. You can download it from here.

You may also be interested in the web-based mortgage payment calculator that’s available on this site. That too, will show you what your monthly mortgage payment will be as interest rates change.

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