Home Mortgage Calculator developed by Vertex42 is a free Excel spreadsheet template for calculating fixed and variable-rate home mortgages. That sounds useful, but not very exciting, Excel spreadsheets are like that in general, aren’t they? However, Home Mortgage Calculator is more than just a page full of tables and numbers.

It incorporates many automated features and options, but better still, it is very clear with explanations, numerous examples, and graphical displays make it easy not only to calculate mortgage rates, but also get a better overview of your mortgage. To use Home Mortgage Calculator, you only need Microsoft Excel 2002 installed on your personal computer or better.

The first things you will notice are the numerous examples with caption boxes explaining each step in simple language. Each item has a small red triangle that shows additional information and instructions in a tiny pop-up when you move the mouse cursor over it, and in clear, easy-to-understand terms, too.

The spreadsheet has five main sections: Mortgage Information, Extra Payments, Balance, Summary, and Fixed-Rate ARM. The Extra Payments tool offers a graph plotting extra payments against the balance year by year, while the interest rate tool includes a graph depicting Interest Rate History. Finally, the Payment Schedule tablet offers some 180 lines of calculations, similar to a tax table.

The tool is extremely easy to use and returns accurate calculations quickly. You just have to enter your own values in each field and click Enter. Home Mortgage Calculator will display everything from your monthly payment to how many years it would take to pay off the loan. Beyond its built-in features, it behaves just like any Excel template. This program is absolutely free, and you just need to have Microsoft Excel 2002 or newer to run it.

Get it from MortgageCalculator.

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