Mortgage Payment Calculator for Microsoft Excel for Mac

Used Mortgage Payment Calculator for Microsoft Excel for Mac? Share your experience and help other users.

Key Details of Mortgage Payment Calculator for Microsoft Excel

Calculate your mortgage payment and compare mortgage scenarios.
Last updated on October 18, 2013
There have been 6 updates

Developer’s Description

Calculate your mortgage payment and compare mortgage scenarios.

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.

Mortgage Payment Calculator for Microsoft Excel for Mac

Used Mortgage Payment Calculator for Microsoft Excel for Mac? Share your experience and help other users.

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Full Specifications

GENERAL

Release: March 17, 2013

Latest update: October 18, 2013

Version: 2.0

OPERATING SYSTEMS

Platform: Mac

Operating System

Mac OS X
Mac OS X 10.3
Mac OS X 10.6
Mac OS X 10.5
OS X 10.8
Mac OS X 10.4
Mac OS X 10.7

Additional Requirements: Microsoft Excel 2003 or greater

POPULARITY

Total Downloads: 5,508

Downloads Last Week: 0

Report Software

Program available in other languages

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Last Updated

User Reviews

2/5

2 User Votes

Does what it says it does
mostundudelikeOctober 22, 2010
Pros
Does exactly what it says (for most users.) Attractive interface.
Cons
Somewhat limited, Requires excel.
Summary
If you want to look at financing options, this is a good free tool.
Too limited
macKiwiOctober 15, 2010
Pros
It will help to calculate your mortgage repayments if you pay monthly
Cons
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.
Summary
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.