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You may know that mortgage payments are calculated by multiplying the mortgage amount by the interest rate, but did you know that mortgage payments can also be estimated with an Excel formula?

The PMT function is what we use to calculate mortgage payments.

This Video will show you how to use this function in Excel and give some examples of mortgage payment calculations using the pmt formula.

The syntax of the PMT function in Excel is as follows:

=PMT(rate,nper,pv,type)

Where:

• "rate" is the mortgage interest rate

• "nper" is the number of mortgage payments to be made

• "pv" is the Present Value of the mortgage

• "type" is the payment type, which can be 0 for monthly or 1 for yearly

The mortgage payment calculation formula would look like this:

=PMT(B11,C12,D13,"monthly")

Let's use the mortgage calculator in Excel. This tool calculates an estimated mortgage payment based on our input values for Loan Amount (Loan), Interest Rate and Term of loan. The PMT function can be used to calculate mortgage payments based on these values as well. Let's get started!

00:00 INTRODUCTION

00:20 Mortgage Payment Using PMT Function

04:40 Conclusion

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