Free Mortgage Planner Spreadsheet Template
Buying a home involves much more than just calculating loan principal and interest. Escrow items like property taxes and homeowners insurance can easily add $400 to $1,000+ to your monthly housing outflow. This workbook provides an all-inclusive projection of your true monthly mortgage obligation so you can buy with total financial confidence.
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Purpose & Design
Model realistic homeownership costs including principal, interest, local property taxes, and hazard insurance (PITI) across 15-year and 30-year amortization periods.
Included Worksheets:
Key Formulas & Calculations
This workbook comes pre-programmed with verified Excel formulas that recalculate instantly as you update your data:
- ✓Loan Amount = Home Price - Down Payment
- ✓Monthly Principal & Interest = PMT(Rate/12, Term*12, -Loan Amount)
- ✓Total Monthly Payment = Monthly P&I + (Annual Property Tax / 12) + (Annual Home Insurance / 12)
How to Use This Spreadsheet
- 1Enter the target home purchase price and your planned down payment amount.
- 2Input the quoted annual mortgage interest rate and loan term in years (e.g., 30 or 15).
- 3Enter estimated annual property taxes based on county property records.
- 4Enter estimated annual homeowners insurance premiums.
- 5Review the itemized breakdown of monthly Principal & Interest alongside the full PITI payment.
Who Benefits from This Template?
- 💡First-time homebuyers determining an affordable maximum home price before touring houses.
- 💡Homeowners weighing whether refinancing from a 30-year to a 15-year fixed mortgage is cost-effective.
- 💡Real estate investors running fast acquisition cash flow feasibility checks on properties.
Prefer not to use a spreadsheet?
Track this free in your browser with zero setup or sign-up.
Frequently Asked Questions
Does this spreadsheet include Private Mortgage Insurance (PMI)?
If you put down less than 20%, PMI is typically required on conventional loans. You can include your annual PMI estimate in the insurance field for an exact escrow figure.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage comes with lower interest rates and saves substantial lifetime interest, but requires higher monthly payments. Use this sheet to test both terms side-by-side.