Recently we moved houses. And with the house move, came a brand new mortgage. But as a self-employed person with variable income, I find the steady nature of mortgage payments little hard to digest. So I wanted to know what impact it would have on my mortgage if I make arbitrary extra payments. Unfortunately, I couldn’t find such a calculator. So I made a mortgage calculator with extra payments using Excel. Here is a quick demo of the calculator. Read on if you want to know more or download this.
Mortgage Calculator - DEMO
Download the Mortgage Calculator
Click here to download the Excel Mortgage Payments Calculator (updated with money saved calculation)
How to use this Calculator?
Refer to below illustration and click on the hot spots to understand the process. Essentially, there are 5 things you need to specify or look at when using the template.
- Enter your loan amount
- Enter the loan term (in years)
- Enter the interest rate (APR)
- Specify extra payments in the green column at relevant month rows.
- Look at the chart to understand the impact of your extra payments on the mortgage term.
Enter your mortgage details here.
Enter extra payment amount in relevant month rows.
The chart will show the impact!
How to create such a calculator yourself...
This part of the article discusses the process for constructing such a calculator yourself. Read on (or watch the video tutorial) if you are interested.
The key idea is…
Any extra payments you make bring down the outstanding principal of your loan, thus bringing down the “loan term”.
Step 1: Calculate the monthly (or weekly / fortnightly) payment:
Assuming you have the Loan amount, term & APR in three cells E5, E6 & E7, we can use the PMT() function to calculate the periodic payment.
In my case, let’s say loan is $500,000, term is 20 years and APR (Interest rate) is 5.35% per annum.
Then the Monthly payment would be
=PMT(E7/12,E6*12,E5)
Step 2: Set up amortization schedule
As extra payment will bring down the outstanding loan term, we need to set up an amortization table to see the impact clearly.
So, set up a range of 360 months (or longer if you want to cater for longer mortgages). You can use =SEQUENCE(360) to automatically generate all the months.
Related: Read about SEQUENCE and other Dynamic Array functions in Excel.
Your table should look like this:
- Opening Balance is same as loan amount for month=1. For subsequent months, this will same as previous month’s closing balance.
- Effective term is how long it would take you to pay off the mortgage based on the opening balance, and agreed upon monthly payment (calculated in Step 1) and interest rate (Cell E7). We can use NPER function to get the answer here.
=ROUND(NPER($E$7/12,$E$10,$D13),0) will tell us how many months it is rounded. - Principal Paid is the amount of principal paid in each month. We can get this with the PPMT() function. =PPMT($E$7/12,1,E13,D13)
- Extra Payment is the input column where we can type any extra payments.
- Closing Balance is opening balance minus principal paid minus extra payment.
Complete this table with necessary formulas and fill everything down.
Step 3: Your mortgage will end when the “Eff. Term” is 0.
Go ahead and play with the table by typing some values in the “Extra payment” column. You can see the effective term reducing.
We can visualize the impact with a nice chart (requires some extra work) like this:
Do check the download workbook for details on how the chart is setup.
Video Tutorial - I made a mortgage calculator in Excel
Watch below video to understand how I made the mortgage calculator with flexible payments. If you prefer to see it on YouTube, click here.
Looking for an Amortization Schedule instead?
If you want to make a regular amortization schedule with Excel, check out Excel Amortization Schedule template.
More Financial Models with Excel
If you want to learn more about setting up calculators, models or business systems with Excel, check out below tutorials & examples:
Using IRR with Data Tables – Modeling Cash-flow Scenarios in Excel
How to embed Excel files, calculators on your website? – Step by step instructions
Nest Egg Calculator using Power BI
Sara’s Copy Shop – Break even analysis and what-if modeling in Excel [Videos]
Doing Cost Benefit Analysis in Excel – a case study
23 Responses to “Displaying Text Values in Pivot Tables without VBA”
Its possible to display up to 4 text values.
Have a look at the screen shot of an example that I had posted way back at the EHA and figure out how its done !
http://tinypic.com/r/muzywk/6
With Excel 2010 you can use Conditional Formatting to apply custom number formats which can display text. (In older versions you can only modify text color and cell background color, but not number formats.) Using CF allows for an even larger number of different display values.
[...] Display text values in Pivot Tables without VBA [...]
Hey,
Thanks, this helps. But how do you do it for multiple values where there is a huge amount of non repeating text?
@Soumya
The only way to do more than 4 values is to make the Pivot Table manually with formulas, of course then it isn't a Pivot table
You can of course do it with VBA
You may want to have a look at this description of how to do it here: http://www.clearlyandsimply.com/clearly_and_simply/2011/06/emulate-excel-pivot-tables-with-texts-in-the-value-area-using-vba.html
@Soumya
The only way to do more than 4 values is to make the Pivot Table manually with formulas, of course then it isn’t a Pivot table
You can of course do it with VBA
You may want to have a look at this description of how to do it here: http://www.clearlyandsimply.com/clearly_and_simply/2011/06/emulate-excel-pivot-tables-with-texts-in-the-value-area-using-vba.html
[...] Pivot Tables take tables of data and allow the user to summarise and consolidate the data at the same time. This is a great and very fast method of analysis but is restricted to handling mathematical functions on the value field resulting in numerical summaries. – read more [...]
[…] Read more here: Displaying Text Values in Pivot Tables without VBA […]
There is a very good way actually for handling text inside values area.
First you create a special column on the very left side and call it ID, and put unique ID (numbers only), and then create a pivot table with:
Row Labels and Column labels as you like, and in the Values labels use the unique ID number.
Move the unique ID number (copy paste) somewhere to the right and use vlookup to load the data you need using the ID as reference.
It is a bit longer way but for me it works perfectly to combine values as you like in any moment.
hope helps.
Regards,
Jon
Thank you! I finally understand pivot tables thanks to your clear, concise explanations and examples.
Good Day. This is exactly what i have been looking for. However when i try it on my pivot table or even when i try to recreate this exercise using the sample worksheet, i get this error:
"Microsoft Excel cannot use the number format you typed. Try using one of the built-in number formats."
Same thing here, Excel quite did not like the format in my PowerPivot. Any clues as to what may be going on? Thanks.
I have the same thing happening on my end. I'm running a normal pivot table on a .xlsm file.
@Danzi
What format did you use?
can you post the file ?
pls. help in table there is name, pan. amount. i have to make pivot table for example
NAME PAN AMOUNT
MR.X AAAAC1254T 500.00
MR.Y AAABR1258C
MR.A CFVDE2458T
MR.Z AAVCR12548C
MR.X AAAAC1254T
MR.Z AADCD245T
pls. help in table there is name, pan. amount. i have to make pivot table for example
NAME PAN AMOUNT
MR.X AAAAC1254T 500.00
MR.Y AAABR1258C 1000
MR.A CFVDE2458T 2000
MR.Z AAVCR12548C 5451
MR.X AAAAC1254T 45564
MR.Z AADCD245T 4500
how to get pivot tabe so i get PAN no. against Name.
I found an easy way to get text values in pivot table.
I create an other worksheet in wich each cell has a formula that copy the pivot table. The trick is that the formula does a lookup for the numbers in the pivot table.
The formula looks like that:
=IF(ISNUMBER(table!A1);VLOOKUP(table!A1;Code!$A$1:$B$65;2);IF(ISBLANK(table!A1);" ";table!A1))
Code is a worksheet where there is a liste of text /numbers correspondance.
As a bonus The new sheet is easier to format
Additional trick:
In my case, i encoded differents codeid with a power(2, codeId-1) so that summing then is equivalent to concatenate them.
1-A
2-B
4-C
8-D
yields :
5 - AC
14 - BCD
Hi
I want to ask if pivot can display dates in pivot field. As in a column i have customers and in row different items i want to know there last purchase date. anyone help in this??
Hello Guys, Need your help
I am doing some analysis of the cycle time of the product i.e how much time a product takes from manufacturing to the central warehouse.
I have batch numbers for the product and against them i have to pull out the diff. dates
Like the base date is from where the manufacturing start. So i have the batch number,against it's manuf. date. Now i have to pull out the date when it was quality released.
I have the quality released data but the data have duplicates, like i will have two dates or may be three for the same batch. So my main objective is to pull out the date which is latest among them.
BATCH NO. DATE of Mfg. DATE of Quality release
A1 12/4/2014 (HERE I HAVE TO PULL value)
Next Sheet
BATCH NO. DATE of Quality Release
A1 14/5/2014
a2 23/5/2016
A1 12/5/2014
A1 13/6/2014
From this sheet i have to pull up the latest date format of date here is dd/mm/yyy
TIA
[…] needed to present text instead of counts in a pivot table value column. Here is an excellent resource for Excel manipulation, in addition to an overview of pivot […]
This is great thank you.
Wow!!! Excellent!! It helped me a lot.
I am developing training tracking sheet for 200 employees with training completed date. Each employee will be attending 25 courses. How to indicate actual dates in pivot table value field.