excel mortgage calculator with extra payments

On the right side of the worksheet, you will find the summary of the loan like Total Amount to be Paid, Total Interest to be Paid, Interest Savings, Total Time, etc.Įxample 2: Use of Quarterly Extra Payment Frequency.

Blake has to pay $954.10 extra every month if Blake wants to pay the loan in the next 10 years rather than the 20 years (his original loan terms).

(Target) worksheet to put in the loan details. Now he is planning to see how much he has to pay extra if he wants to pay off his loan in the next 10 years (rather than 20 years). The annual Percentage Rate is 6%.įor the last 6 months, he has tracked down all his expenditures and found a way to extra pay $2000 a month with the regular payment of his mortgage loan. Let’s start then!Įxample 1: Use of Monthly Extra Payment Frequencyīlake had taken a home loan of amount $250,000 on Jan 10, 2018. In this section, we will demonstrate 3 different examples of using an early mortgage payoff calculator.

Tax Deduction: Mortgage interest is tax deductible.Įarly Mortgage Payoff Calculator in Excel (3 Practical Examples).

Interest Savings: If you make extra payments with your regular payments, you will save some interest.

It totally depends on your lenders how you can pay your extra amount. There are two types of Extra Payments: Regular Extra Payment and Irregular Extra Payment. After paying your monthly amount, whatever you pay is considered an extra payment.

Extra Payment: Extra payment you want to pay every month.

Say, your home loan APR is 6%, then the interest rate for a month will be 6%/12 = 5%. Annual Interest Rate (APR): Annual Interest Rate you will pay for your loan.

For a mortgage loan, it is normally 15-30 Loan Terms: This is the total number of years you and the lender have agreed upon to pay off all the interest and loan.This includes the interest amount of the loan for a period (normally a month) and a portion of your principal amount. Regular Monthly Payment: This is the amount you will pay every month.Principal Amount: The original amount you took from a lender as the loan.Let’s first look at some critical definitions regarding Mortgage calculation. Related Excel Templates Introduction to Mortgage

Excel mortgage calculator with extra payments