Mortgage Calculator – Loan EMI Scheduler – in Excel

Types of Mortgage Loan Interest Rates

There are broadly two common types of interests in Mortgage Loans. In the first type, Interest is set to a Fixed rate of Loan Amount and in another the interest is set to a flexible or diminishing value. There are also other types available in market, but these two are the common ones.

If it is a Fixed Interest, a percentage of the total loan amount is calculated as interest and the buyer has to pay the dues on his chosen number of Installments. The interest remains the same through out the Mortgage tenure.

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In Flexible Interest type, the Interest is calculated for the Loan Remaining Amount after every installment payment. Whether it is fixed or flexible, people will choose the Mortgage which charges them with less possible Interest Amount.

Mortgage Repayment Calculator ( PITI Mortgage Calculator)

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As of now we got to know an overview about the Mortgage types, lets see how to generate the amortization schedule for a Mortgage repayment using our simple Excel template. Amortization Schedule refers to the table containing details like interest amount, reduced principle amount,property tax, insurance, etc., to be paid for each tenure.

When choosing fixed interest mortgage loan, it is easier to calculate and understand the monthly payments. But with diminishing interest, it is little difficult to derive the complete loan payment scheduler. Our Simple Excel template can ease out this situation for you.

Input Data Fields:

1. Principle Amount: Mortgage Loan amount sought by individual
2. Rate of Interest (in % per Year): Loan Interest Rate Opted by individual
3. Loan Tenure Duration: Number of Payment installments given in Months
4. Property Tax Amount, if any (per Year): As a owner of the property, tax paid for it
5. Insurance Amount, if any ( per Year): It refers to Property Insurance or Private Mortgage Insurance.

Output Amortization Schedule:

1. Total Payment towards Mortgage Loan: Total payment amount calculated using the summation of total Loan amount and total Interest paid for the full tenure.
2. Total Interest Amount: Total interest amount paid for the full tenure of the loan
3. Total Tax & Insurance: Total amount spent for Tax and Insurance for the full loan tenure period

Above details would be estimated and it would be shown after providing the correct input data of the chosen Mortgage loan. It will also list the monthly payment scheduler in a tabular format which is widely called as ‘Amortization Schedule’.

In the Mortgage world, amortization schedule inclusive of Property Tax and Insurance added with Principle & Interest is also called as ‘PRINCIPAL, INTEREST, TAXES, INSURANCE – PITI Mortgage Schedule’.

Hope you like our simple Excel PITI Mortgage Calculator, please let us know your feedback.

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