Excel can be used as a monthly loan payment calculator by entering the appropriate values.
Compute a Mortgage Payment
Select the Function (Fx) button on the Home ribbon or main toolbar and then select PMT (payment) from the Financial category. Follow these instructions:
1. Highlight a cell to place the result.
2. Click Function button.
3. Select PMT from Financial category.
4. In Rate field, enter:
number of payments per year
5. In Nper, enter duration of loan in months.
6. In Pv (present value), enter amount of loan.
7. Result is at bottom.