How to Create a Mortgage Chart?

We’ve shown you how to figure out your monthly mortgage payments, credit card payments, and life insurance, and guess what, we are not done yet! Now we are going to show you how to use charts to show data breakup in your results section to make it easily readable. You might say, hold your horses, a chart?

Allow us to elaborate. Picture this –  your user, who is understandably concerned about his/her mortgaged house hurries to complete your calculator. Once done, you hit the person with a dense result page enumerating the components of repayment. Why a dense paragraph? Because you want to provide a thorough answer. Is there a better way to make the data less overwhelming and easily readable? Of course! Use a chart.

Since our last blog was about a mortgage calculator we are sticking to the theme of mortgage here as well. We are going to show how to attach charts and graphs to your mortgage calculator.

Why Add Charts?

The results page of any quiz or calculator is where the user decides whether a quiz or calculator was worth his/her time or not. Remember – it is a value delivery game and the greater you give, the greater you gain. Going the extra mile to provide data that can be interpreted at a glance will prove to customers that you are worth their time. Finally, it might sound small and insignificant but it is the cumulative effect of such small actions that snowball into a sale.

In our previous blog, we showed how a mortgage calculator is created on Outgrow. You can check it here. 

 Let us dive right in and show you how to add charts to your mortgage calculator.

Steps to Include a Chart in Your Mortgage Calculator

1. After you have added all the results, go to the second subtab on result settings to go to the chart builder

2. Select the type of chart most relevant to you from the left panel from the horizontal bar chart, vertical bar chart, pie chart, and line chart. In this example, we chose the line chart.

3. Now edit the names of the title, x-axis, y-axis, and chart line details on the left side. On the right side is where you can write down the chart formula.

Here for the mortgage chart, we need the beginning balance,  total interest paid, and total mortgage payment.

The formulae used are:-

Monthly Payment:

Q1x(Q2/1200x(1+Q2/1200)^(Q3x12))/((1+Q2/1200)^(Q3x12)-1)

Total Interest Paid:

Q1x(Q2/1200x(1+Q2/1200)^(12xQ3))/((1+Q2/1200)^(12xQ3)-1)xQ3x12-Q1

Total Mortgage Payments:

Q1x(Q2/1200x(1+Q2/1200)^(12xQ3))/((1+Q2/1200)^(Q3x12)-1)xQ3x12

Note – Remember while using the variable in the cells, you need to use it as Q_1, R_1 if you are referring the variables and A1, B3 if you are referring the cell number itself

Where:-

Q1. Loan Amount
Q2. Annual Interest Rate
Q3. Loan Duration in years

So, the formula for beginning balance used in the chart builder will be:-

=INT(Q_1*(1+Q_2/1200)^(12*(2-1))-R_1*1200/Q_2*((1+Q_2/1200)^(12*(2-1))-1))

The formula for Interest paid will be:-

=INT(12*R_1-(Q_1-Q_1*(1+Q_2/1200)^(12*(2-1))+R_1*1200/Q_2*((1+Q_2/1200)^(12*(2-1))-1)))

The formula for Interest paid will be:-

=INT(12*R_1-(Q_1-Q_1*(1+Q_2/1200)^(12*(2-1))+R_1*1200/Q_2*((1+Q_2/1200)^(12*(2-1))-1)))

The formula for mortgage payments will be:-

=INT(R_1*12*B1)

*So for every cell in rows for beginning balance and interest paid, you just need to change the year duration till 30 years so instead of 2-1, it will be 3-1, 4-1…..29-1, and so on.

For Mortgage payment, simply replace B1 with the corresponding cells of the beginning balance.

Finally!

Whew! That’s quite some math right there, If you are feeling overwhelmed or don’t have the time to create one, hit the red button on the bottom right of the builder. Help is just a few keystrokes away. We hope you are with us in agreeing that charts are a valuable addition to a calculator. 

We hope now you are sold on the idea of charts. Here are some pointers to bear in mind while creating your next chart.

Check Out: Chart attached mortgage calculator