Mortgage Payment Calculator for Microsoft Excel lets you enter your loan amount and mortgage repayment terms (i.e. years, interest rate, payment frequency, etc) and it then calculates and displays your payment amount and amortization schedule. You can also compare different mortgage scenarios side-by-side to see what might work best for you.
@mostundudelike This is Alex from ReQuantify. Thanks for your review. I'll be adding a few features to the spreadsheet soon. If there is a certain mortgage calculation or function that you would really like to see in the next version please let me know by emailing me at alex [at] requantify [dot] com and I will try to build it. Also, I did not mention it in the description, but the spreadsheet also works in Google Docs and Open Office for people who don't have Microsoft Excel. In Google Docs, the only issue is that users need to Select-All and then change the "text background color" to white. I don't know why Google Docs messes up the colors when importing the spreadsheet and converting it from *.xlsx format.
Version: Mortgage Payment Calculator for Microsoft Excel 1.0
It will help to calculate your mortgage repayments if you pay monthly
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.
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.
@macKiwi. This is Alex from ReQuantify.com. I thank you very much for your detailed review. Your criticism is very constructive and I will incorporate many of your suggestions into the next version. Specifically, I plan to add an "Advanced" tab to the spreadsheet so that alternative mortgage terms can be entered which would make the tool applicable for use outside of the US. Right now, the Mortgage Payment Calculator tab is set up for a fix-rate mortgage with monthly compounding which is common in the US, but obviously not all other countries. Please accept my apologies for your disappointment with the spreadsheet. I should have been clearer in my description of the product when I published it. If you want to be notified when I publish the new version or if you have other suggestions to make the spreadsheet better please feel free to email me at firstname.lastname@example.org. Thanks again for your review.