If you have taken a loan and want to calculate your EMI, then it is very easy in Excel. You can create your own mortgage calculator with Microsoft Excel. Let's see the steps.

1. Open Microsoft Excel.
2. Let's give a title name, click in a cell and type Mortgage Calculator.
3. In the next line, enter Loan Amount, and then in the next line, enter Annual Interest.
4. Click in column C, next to the Loan Amount cell, and enter your total loan amount. Like here for demonstration purposes I type 500000,
5. If the dollar sign is not visible, right-click the same cell and from the drop-down list, click Format Cells.
6. On the Number tab, select the Currency option and make sure the sign is selected in the Symbol drop-down list on the right side.
7. Click the OK button.
8. Now write your annual interest. I click on cell C4 and type 8% as interest.
9. Under the Annual Interest line, we will write the total duration of the loan.
10. In column C and row 5, I typed 20 years as the total loan term.
11. In the next line 6, enter the number of payments you will make per year. Like here, I put the number 12 in column C which means that I will repay my loan installments every month.
12. It's time to calculate the total number of months of loan payment. To do this, click on line C7 and type the following formula C6*C5, then click the check mark in the formula bar.
13. Suddenly, we see that we must repay our loan in 240 months in 20 years.
14. Now we will calculate the installment payment formula per month.
15. Type Payment per month in the next row of Total Payment Months.
16. Click in the cell in row 8 of column C and type the following formula
–PMT(C4/C6,C7,C3,0) and click the check mark icon.
17. This means our monthly payment will be 4,182.20
18. We will now calculate the total amount we will repay on our loan.
19. Click row 9 of cell in column B and enter Sum of Payments.
20. In cell C9 and type the formula C8*C7, then click the check mark icon. As a result, we will refund the total payment of 1,003,728.08
21. If you want to know the total amount of interest you will pay, click the next line and type Interest Cost, click cell C10 and type the formula C9-C3, then click the check mark icon.
22. Our mortgage calculator is ready in Excel.

I hope it was easy. Have a nice day!
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