How To Make/Create Mortgage Affordability Calculator Templates in Google Sheets

How To Create Mortgage Affordability Calculator Templates in Google Sheets

• Step 1: Access Mortgage Affordability Calculator Templates

  

  Visit Template.net and access our free, downloadable mortgage affordability calculator templates with just a few clicks. These editable and printable spreadsheets are perfect for managing various financial tasks, including debt payoff calculators, loan amortization schedules, car loan calculations, or any mortgage-related concerns.

• Step 2: Download a Mortgage Affordability Calculator Template in Google Sheets

  

  To begin, navigate to the “Download Free Template” section and select “Google Sheets”, followed by clicking on “Free Download.” For those who prefer Microsoft Excel, there’s also an option to download the spreadsheet in Excel format for future use.

 

• Step 3: Make a Copy in Google Sheets

  

  Once the download is finished, open the file and duplicate the document to start working on your mortgage affordability calculator. Simply choose “Make a copy” to begin personalizing your financial tool within the platform.

 

• Step 4: Write the Unique Values under Loan Information

  

  Start by examining the loan information table in the template, where default values like first and second salary, current mortgage remaining, and home sale price are displayed. To ensure accuracy, cross-reference these values with your mortgage contracts, payslips, and other vital documents. Updating the table is straightforward: simply click on a cell and input the correct values. This initial step is crucial for customizing the calculator to reflect your unique financial situation.

 

• Step 5: Refer to the Formula of the Total Paid in Years

  

  Next, adjust your personal data in the loan information table. This step is vital as it alters calculations such as total payments over different periods. Unlike static calculators, this template accommodates varying salaries, credit scores, and property values. Observe the changes in the “Total Paid After” sections to see how different inputs impact your financial forecast. For example, the formula for the total paid after five years is =L18*60+L10. This real-time calculation feature enhances the tool’s practicality for diverse financial scenarios.

 

• Step 6: Depend on the Calculator Table

  

  Then, explore the calculator table, which consolidates key mortgage details including down payment, mortgage amount, interest rates, and monthly payments. This section eliminates the need for manual calculations, showcasing formulas like =IF((-(L13-D23)/D25)>0,(-(L13-D23)/D25),”None”) for savings needed for downpayment. This feature simplifies complex mortgage calculations, making them accessible and understandable.

 

• Step 7: Insert a New Row or Column

  

  Consider customizing the spreadsheet further by adding data relevant to your mortgage scenario. Whether it’s expanding the amortization table or adding columns for additional financial obligations like student loans, the template is flexible. Right-click on any cell, go to ‘Insert cells,’ and choose what you want to achieve, adapting the template to your specific needs.

 

• Step 8: Print Your Mortgage Affordability Calculator

  

  Finally, don’t overlook the option to print your customized mortgage affordability calculator. Once you’re satisfied with your adjustments, go to “File” in the upper left menu and select “Print.” This functionality is especially useful for creating a hard copy for record-keeping, reference, or when documentation is required.