![]() ![]() The payments for the first twelve months will be calculated as follows: So, for the first twelve months, you will pay 416.67. For the first year, you simply pay each month this monthly interest rate multiplied by the total value of the loan. A fixed-rate loan with an interest-only option is fairly simple to understand and predict, but interest-only mortgages with adjustable rates seem much more risky. The interest rate per period will be 0.05/12 since the payments are made monthly. I can't answer that for you, but I would strongly recommend reading through the material listed in the references below. If you want to include extra payments, you enter them in the amortization table.īe sure to read the comments within the file (marked with a little red triangle on some of the cells) if you have questions. pv - The present value, or total value of all payments now. Supplied as 1 since we are interested in the the principal amount of the first payment. We divide the value in C6 by 12 since 4.5 represents annual interest: C6 / 12. Simply enter your loan information in the cells with the white background and everything else is calculated automatically. To do this, we set up PPMT like this: rate - The interest rate per period. ![]() Our spreadsheet should be pretty intuitive to use. We've also made a few cosmetic changes and updated comments and help info.Ī commercial use version of this Interest-Only Loan calculator is included as a bonus spreadsheet when you purchase the Loan Amortization Schedule. Update : The main XLSX version for Excel 2007+ has been updated to allow duplicating the loan worksheet (for comparing different loans within the same workbook). All you have to do is enter the details of the loan like the interest rate, the duration, and the principal of the loan and Excel will calculate the loan payments for you. Excel has a built-in function, PMT, that calculates the monthly loan payments for you. It will work for an interest-only loan or interest-only mortgage. Interest-only Mortgage Payment Calculation (C3C4)/C5. This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period. This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period. To calculate an estimated mortgage payment in Excel with a formula, you can use the PMT function. ![]()
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