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Recently, we got a new mortgage. And I wanted to know the impact of “extra payments” on it. So I made an Excel calculator. Check it out ?

Today we will build a mortgage payment calculator (and amortization schedule) using excel. But we will not build a boring excel sheet, we will build a mortgage calculator that is easy to play with.

A mortgage payment is a monthly installment that you pay towards a loan. Any mortgage loan will typically have, (1) loan amount, (2) duration of the loan in years, (3) interest rate per year

Given these 3 parameters, we can easily determine the monthly installment amount (this will be the same amount for all months during loan tenure)

We are going to use Excel’s form controls (more on this below) to build a mortgage payment calculator like this.