instructions as this is handled by code in the section below. <h2>Mortgage Calculator</h2> <form name="mortgageCalculator"> <label> Loan Amount: <input id="loan_amount" type="number" name="loan_amount" value="200000"> </label> <br> <label> Interest Rate: <input id="interest_rate" type="number" name="interest_rate" value="3.5"> </label> <br> <label> Loan Term (Years): <input id="loan_term" type="number" name="loan_term" value="30"> </label> <br> <label> Monthly Payment: <input id="monthly_payment" type="number" name="monthly_payment" readonly> </label> <br> <input type="button" value="Calculate" onclick="calculateMortgage();"> </form> <script> function calculateMortgage() { var loan_amount = parseFloat(document.getElementById("loan_amount").value) var interest_rate = (parseFloat(document.getElementById("interest_rate").value) / 100) / 12; var loan_term = parseFloat(document.getElementById("loan_term").value) * 12; var monthly_payment = loan_amount * interest_rate * Math.pow(1 + interest_rate, loan_term) / (Math.pow(1 + interest_rate, loan_term) - 1); document.getElementById("monthly_payment").value = monthly_payment.toFixed(2); } Using Mortgage Calculators in Excel Files to Manage Finances Are you thinking about buying a new home? Are you wondering how much you can afford? If the answer is yes, then you’ll need to start crunching numbers and crunching mortgage calculators found in Excel files. Excel can help you do much more than just calculate how much you can borrow on a loan. In this article, we’ll look at the basics of mortgage calculations in Excel, how to interpret and use a mortgage calculator, and how you can create and use one yourself. Keep reading to learn more! What is a Mortgage Calculator? A mortgage calculator is a tool used to calculate the dollar amount of a mortgage loan. It can be used in combination with other financial tools to more accurately determine the total amount of the loan, the amount of payments, and how much is left over at the end of the loan. Mortgage calculators can be found in most online mortgage lenders, financial websites, and real estate websites. They can also be found in specialized software applications like Microsoft Excel. How Do Mortgage Calculators Work in Excel? Mortgage calculators in an Excel file allow you to quickly enter the amount of the loan and the interest rate for the loan. Then, the calculator will automatically calculate the total amount of the loan, the amount of the payments, and how much is left over at the end of the loan term. You can also enter other information like the term length for the loan, whether there are any closing costs, and what type of loan you are looking for. Excel makes it easy to enter in this information quickly, so you can quickly get an accurate picture of the total cost of your mortgage. How to Interpret and Use a Mortgage Calculator When using a mortgage calculator, you’ll first enter your loan amount, loan term, and interest rate. Then, the calculator will display the total amount of the loan (principal plus interest) as well as the total amount of the payments, and how much is left over after those payments. From there, you can modify the loan terms or the loan amount to get a different payment amount, or to see how increasing or decreasing the loan term or loan amount could impact the loan. You can also use the calculator to figure out how much of a down payment you need to make. Simply enter the loan amount and the interest rate, and then enter the down payment you want to make. The calculator will then tell you how much you will need to put down in order to make the loan fit into your budget. Creating Your Own Mortgage Calculator in Excel Creating your own mortgage calculator in Excel isn’t difficult. All you need to do is create a spreadsheet and fill in the necessary formulae, such as the principal, payments, and interest rate. You can also add special fields, such as extra payments or closing costs, to the spreadsheet. Once you’ve created the spreadsheet, you’ll be able to quickly and easily modify the loan terms to fit your budget. Conclusion Using mortgage calculators in an Excel file can help you manage your finances and make the best decisions for your future. You can use them to get a better understanding of the total amount of the loan, the amount of the payments, and how much is left over at the end of the loan term. You can also use them to figure out how much of a down payment you need to make to get the best rate. And, if you’re comfortable with Excel, you can even create your own mortgage calculator to help you more accurately manage your finances.