• Originally published: 30/07/2018 12:25
Last version published: 19/10/2018 15:58
Publication number: ELQ-80461-4
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# Mortgage payment Excel Calculator

Flexible, simple mortgage calculator in Excel/Spreadsheet

Description
Want to know how much is left on your mortgage? Or planning to take out a mortgage but not sure what the right period length and interest rate might be? Or maybe you aren't sure how long to fix your mortgage for? Perhaps you want to compare an interest only to a repayment mortgage? Finally, maybe you want to know what the impact of overpaying on your mortgage might be on the length of your mortgage.

If you want to know the answer to any of these questions simply and easily then this is the right mortgage tool for you.

Outputs include:
1) Length of mortgage - both during the initial fixed period and thereafter; and after the affects of over-repayment
2) Amount of interest paid in both the initial interest period and post initial period
3) Amount of principal paid in both the initial interest and post initial interest periods
4) Amount overpaid in each period
5) Effective total amount paid for the property after accounting for the interest
6) Total effective mortgage term after taking into account overpayments
7) Effective additional payment for the property over and above the initial principal mortgage taken out (after factoring in all interest payments)
8) Mortgage balance over the life of the mortgage term
9) Interest paid in each year over the life of the mortgage term

Inputs include:
1) Mortgage type - either interest only or repayment
2) Mortgage drawdown date
3) Drawdown amount
4) Full mortgage term in years
5) Initial period (i.e. the first fixed interest period) of mortgage in years
6) Initial and post initial interest rates
7) Overpayment of the mortgage in each period

This Best Practice includes
1 excel tool

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## Further information

### Objectives

To allow the user to assess the impact of different mortgages

### Use it if

When assessing different mortgage options. Works particularly well for fixed term mortgages

### Don't use it if

Adaptable but not optimal for variable mortgage - lacks flexibility to change interest rates every month -> instead it's limited just to an initial fixed interest period and an assumed rate thereafter

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## Any questions on Mortgage Payment Excel Calculator?

The user community and author are here to help. Go ahead!