Conquering the Mortgage Beast: Building Your Own Badass Calculator in Excel
Buying a house? Congratulations! You're about to embark on a thrilling journey filled with joy, excitement, and... financial planning. Don't worry, we all feel the chills down our spine at that term. But fear not, intrepid homebuyer, for today we unveil a weapon in your arsenal: The Not-So-Depressing Mortgage Calculator (patent pending, kind of).
This little Excel buddy will be your beacon in the fog of numbers, guiding you through the murky waters of mortgage payments. So, grab your laptop, fire up Excel, and get ready to unleash your inner financial guru!
QuickTip: Break down long paragraphs into main ideas.
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| How To Make Mortgage Calculator On Excel |
Step 1: Building the Battleground (a.k.a. Setting Up the Excel Sheet)
- Declare Your Title: In cell A1, type in something magnificent like "The Not-So-Depressing Mortgage Calculator". Because hey, a little humor goes a long way, right?
- Column Champions: In column A, starting from row 4, list your warriors: Loan Amount, Interest Rate, and Loan Term (Years).
- Input Cells: In the corresponding column B, leave some space for your brave troops (aka the numbers) to assemble. You can even add a little note in cell B2, like "Enter the amount you want to borrow (be honest, no funny business)". Just a friendly reminder!
Step 2: Summoning the Formula (a.k.a. Using the PMT Function)
This is where the magic happens! In cell B8 (or wherever you want your monthly payment to appear), unleash the mighty PMT function. Here's the chant:
QuickTip: Read again with fresh eyes.
=PMT(B5/12, B6*12, B4)
Decoding the Chant:
Tip: Pause whenever something stands out.
- B5/12: This divides your annual interest rate (cell B5) by 12 to get the monthly rate.
- B6*12: This multiplies your loan term (cell B6) by 12 to get the total number of payments.
- B4: This is the loan amount (cell B4), the fierce foe you're trying to conquer.
Pro Tip: Don't worry, Excel does the heavy lifting. You just point it in the right direction.
Tip: Reading in chunks improves focus.
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Step 3: Victory Dance (a.k.a. Formatting the Results)
Now that you've vanquished the formula, it's time to celebrate! Select cell B8 and change the format to currency. You don't want your monthly payment looking like a cryptic code, do you?
Optional Round: Want to see how much you'll pay in total? In cell B9, enter the formula =B8*B6*12. This multiplies your monthly payment by the total number of payments, giving you the grand total.
And There You Have It!
Your very own Not-So-Depressing Mortgage Calculator is ready to battle! Remember, this is just a basic framework. You can add more features, customize the design, and make it your own financial fortress.
So, go forth, brave adventurer, and use your newfound knowledge to conquer the mortgage beast and achieve your homeownership dreams!
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