How do you calculate a monthly mortgage payment by hand?

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I know there are online payment calculator, but I’m trying to make a calculator Excel spreadsheet and I need to know the equations used to obtain the results. For example, the calculation of the monthly payment of a $ 220,000 loan over 30 years with interest at 5.5%.

1 Comment
  1. Reply
    Dawni Do Right
    April 30, 2011 at 12:37 am

    This link shows the formula to amortize a loan “by hand” http://www.frickcpa.com/tvom/TVOM_Amort.asp

    Microsoft has “templates” you can download for free so you don’t have to reinvent the wheel. There are 33 available online at Microsoft through this link http://office.microsoft.com/en-us/templates/results.aspx?qu=loan+amortization&av=TPL000

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