Mortgage Payment Calculator for Microsoft Excel

3.0 stars

"Does what it says it does"

October 22, 2010  |   By mostundudelike

Version: Mortgage Payment Calculator for Microsoft Excel 1.0

Pros

Does exactly what it says (for most users.) Attractive interface.

Cons

Somewhat limited, Requires excel.

Summary

If you want to look at financing options, this is a good free tool.

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1.0 stars

"Too limited"

October 15, 2010  |   By macKiwi

Version: Mortgage Payment Calculator for Microsoft Excel 1.0

Pros

It will help to calculate your mortgage repayments if you pay monthly

Cons

It is no good if you pay your mortgage on any other basis such as fortnightly or even weekly. Also it needs facilities to accommodate the following:
interest rate adjustments
term adjustments
advance or lump sum payments during the mortgage.

Summary

The program itself needs to have an option for monthly or fortnightly payments. I guess it has been written in the US and there it may be common for monthly payments but elsewhere, banks do offer alternative payment schedules such as fortnightly, resulting in 26 payments a year instead of just 12 (which makes quite a difference on the calculations).

As for variations caused by rate changes, term changes or voluntary repayments, the easiest solution might be to break the schedule at the last payment and begin the calculations all over again. Therefore a set of instructions how to do this within this spreadsheet may be useful.

After doing this, the program would possibly have a more universal application.

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Posted in: Calculator,Excel,Microsoft,Mortgage,Payment