Home Mortgage Excel Help?
I am having trouble trying to figure out the formulas for a spreadsheet.
The Information within the spread sheet includes: Price of home: $650,000; Down Payments: 5%; Interest Rate: 6%; Term of Loan: 360.
The information that I need to find is: Down payment Amount, Loan Amount.
The lone one that I seemed to figure out be the Monthly Payment, which came out to $3,897.08.
Thanks to anyone who can help me out.
Answers:
Your Down Payment is 5% of 650,000, so that would be $32,500.
The amount of the loan should be the Home Price smaller amount the Down Payment: 617,500
How could you figure out the monthly payment short the Down Payment amount and the amount of the loan. It is impossible to do.
Down Payment = 650,000 * .05 = 32,500
Amount of Loan = 617,500
IR per period = .5% = .005
# of Periods = 360
Monthly payment = 3,702.22
You articulate the down payment is 5%, so 5% of 650,000 is 32,500. This leaves 650,000 - 32,500 = 617,500 which must be financed so this is the loan amount. The term of the loan is 360 MONTHS or 30 years. Finally, the interest rate is 6%. Now you hold enough information to use the PMT function in excel. When you enter these numbers contained by, you get for a monthly payment (principal and interest) of 3702.22, which is for a moment less than the number you came up next to. Note that the interest rate needed by the excel formula is the MONTHLY rate, which is 6%/12.
Related Questions:
Do I involve a Realtor, If I own a Mortgage consultant and the wholesaler is also the builder and owner of foreign home?
I know it is the buyer only benefits from having a realtor, but this is a unsullied home, there are many available and the purveyor is also the builder and owner....
The Information within the spread sheet includes: Price of home: $650,000; Down Payments: 5%; Interest Rate: 6%; Term of Loan: 360.
The information that I need to find is: Down payment Amount, Loan Amount.
The lone one that I seemed to figure out be the Monthly Payment, which came out to $3,897.08.
Thanks to anyone who can help me out.
Answers:
Your Down Payment is 5% of 650,000, so that would be $32,500.
The amount of the loan should be the Home Price smaller amount the Down Payment: 617,500
How could you figure out the monthly payment short the Down Payment amount and the amount of the loan. It is impossible to do.
Down Payment = 650,000 * .05 = 32,500
Amount of Loan = 617,500
IR per period = .5% = .005
# of Periods = 360
Monthly payment = 3,702.22
You articulate the down payment is 5%, so 5% of 650,000 is 32,500. This leaves 650,000 - 32,500 = 617,500 which must be financed so this is the loan amount. The term of the loan is 360 MONTHS or 30 years. Finally, the interest rate is 6%. Now you hold enough information to use the PMT function in excel. When you enter these numbers contained by, you get for a monthly payment (principal and interest) of 3702.22, which is for a moment less than the number you came up next to. Note that the interest rate needed by the excel formula is the MONTHLY rate, which is 6%/12.
Related Questions:
Do I involve a Realtor, If I own a Mortgage consultant and the wholesaler is also the builder and owner of foreign home?
I know it is the buyer only benefits from having a realtor, but this is a unsullied home, there are many available and the purveyor is also the builder and owner....