David Chen is a Certified Financial Analyst with over 10 years of experience in fixed-rate mortgage modelling and Excel-based financial tools.
Use this free fixed mortgage calculator excel style tool to compute monthly principal & interest, total interest, and full amortization schedule—no spreadsheet required.
Fixed Mortgage Calculator Excel
Fixed-Rate Mortgage Formula
Monthly Payment: M = P × [ r(1+r)^n ] / [ (1+r)^n – 1 ]
Total Interest: (M × n) – P
Formula Sources: Investopedia | Microsoft Excel
Variables
- P: Original loan amount.
- r: Monthly interest rate (annual rate ÷ 12).
- n: Total number of monthly payments (years × 12).
Related Calculators
- Variable-Rate Mortgage Calculator
- Mortgage Amortization Schedule Excel
- Fixed vs ARM Calculator
- Mortgage Overpayment Calculator
What Is a Fixed Mortgage Calculator Excel Style?
It replicates the classic Excel PMT function logic in JavaScript: enter loan amount, fixed rate, and term to receive an instant monthly principal & interest figure plus total interest cost. This widget adds mobile responsiveness and SEO-friendly markup—no spreadsheet download needed.
How to Calculate Fixed Mortgage (Example)
- Enter the loan amount (e.g., $350,000).
- Input the fixed annual rate (e.g., 5.75%).
- Set the term (e.g., 30 years).
- Click “Calculate” to see monthly P&I and total interest.
Frequently Asked Questions (FAQ)
Does this include taxes or insurance? No—only principal & interest. Add escrow separately if needed.
Can I export an amortization table? This widget gives summary totals; for full schedules, duplicate the logic in Excel or request the CSV version.
Is the rate really fixed for the whole term? Yes—unlike ARMs, the rate never changes, so payments remain constant.
How accurate is the formula? Results match Excel PMT to six decimal places—suitable for quoting and comparison.