Embedded Files
Mortgage Amortization with Paydown Savings Calculator
Mortgage Amortization with Paydown Savings Calculator
SUMMARY:
SUMMARY:
SAVE MONEY by paying down your mortgage early - a little at a time...
The Mortgage Amortization with Paydown Calculator is a Google Sheets (and Excel XLS) spreadsheet which provides both a simple view of a loan or mortgage amortization schedule as well as the special capability to enter additional payments (Paydown) to estimate how much money in interest can be saved over the life of the loan or mortgage. You can use this spreadsheet to analyze your different options before making payments, or to better understand the history of payments you've already made and how they've impacted your interest and principal.
This calculator is a SPREADSHEET - so it is super simple to use yet provides powerful calculations that help people make decisions about paying down their mortgage.
NOTE: There are several versions of this mortgage spreadsheet at SPREADSHEETMAN.COM - including ADJUSTABLE RATE mortgage support, and AUTOMATIC PAYMENT PLAN analysis.
NOTE: There are several versions of this mortgage spreadsheet at SPREADSHEETMAN.COM - including ADJUSTABLE RATE mortgage support, and AUTOMATIC PAYMENT PLAN analysis.
As the inputs are entered (in the green fields), your monthly mortgage / loan payment will be calculated for you!
STEP 1:
STEP 1:
Enter your loan information
Loan Principal/Amount
Term of loan in years
Interest rate
First payment date
OPTIONAL: Add other monthly costs included in your mortgage payment, such as Property Taxes and homeowners or mortgage insurance. You can put a monthly OR annual amount and the sheet will automatically make it all monthly for you.
Here is where you'll see the important calculations of INTEREST SAVED as you enter additional payments in the next step...
STEP 2:
STEP 2:
With all your mortgage information entered, you now get a view of your estimated TOTAL INTEREST PAID over the life of the loan, and your FINAL PAYMENT DATE (subject to specific bank rules related to that, of course).
If you enter additional payment ("paydown") amounts below (see next step), you will also see here a comparison of your new loan final payment date and the interest paid - with the time and money saved over the life of the loan!
The graph in this results area shows a simple breakdown of your monthly payment, which is particularly useful if you entered the optional additional payment components like insurance and property taxes.
STEP 3:
STEP 3:
At this step you already have a VERY USEFUL full loan amortization schedule - month-by-month! But here is where this spreadsheet gives you the most useful feature - the ability to enter any additional loan payments you plan to make (or have already made) at any month through the life of the loan or mortgage. As you enter additional payments, your principal balance reduces and your amortization schedule adjusts. Most importantly, the number of payment periods reduces, and the life of your loan decreases - meaning you reduce your total interest paid and get out from under your debt sooner!
The Amortization Schedule is presented with Payment period, Date of payment, Payment Amount, Interest portion of payment, Principal portion of payment - plus any additional payment components you added above - and the new Principal Balance at the end of every payment period.
Here is where you can optionally enter additional payments at the dates associated with any payment. You can enter additional payment amounts and the Amortization Schedule, as well as all the output calculations above, will be recalculated for you showing you how much you saved over the life of the loan by making those additional payments!
Additional value:
Additional value:
You're done at this step - but you can move to the next sheet to see an annual summary of the amortization schedule with annual totals of interest and principal as well as cumulative amounts at the end of each annual period .
The Mortgage Amortization with Paydown calculator can save you time and money - and give you the opportunity to weigh your options knowing how much money you can save over the life of a loan or mortgage.
Mortgage Amortization with Paydown Savings Calculator
Mortgage Amortization with Paydown Savings Calculator
The Mortgage Amortization and Loan Paydown Calculator Spreadsheet is a Google Sheet
The Mortgage Amortization and Loan Paydown Calculator Spreadsheet is a Google Sheet
(or Excel Spreadsheet), which makes it easy to try different Mortgage Payoff scenarios - and it is EASY to use!
Simple to calculate your savings - you just enter:
Your loan or mortgage terms - time period, interest rate, principal, loan start date
Your optional additional payments - Real Estate Taxes, Home owners and mortgage insurance
Any Additional Payments you can make over the life of the loan in specific months - using a monthly plan or specific payments in specific months
The calculator gives you:
The calculator gives you:
A full amortization schedule - breaking down interest and principal paid with each payment.
A separate yearly summary with totals per year up to the full term of the loan.
A summary at the top of the TOTAL INTEREST SAVED and the TOTAL TIME REDUCED off the end date
This Mortgage Payoff Calculator gives you power of understanding!
This Mortgage Payoff Calculator gives you power of understanding!
Better understanding your options, gives you control of your financial future - to better understand the impact of paying more toward your mortgage!
You can try all types of scenarios to compare the savings!
Make better decisions on how to pay off your mortgage by using this calculator!
Track your extra payments so you can see how much you're really saving in interest payments!
MORE DETAIL on How you can use the Mortgage Amortization With Paydown Savings Spreadsheet:
This Google Sheets (or Excel) calculator shows how much money in interest you can save, and how much sooner you will pay off your mortgage, as you make additional payments each month. There are a few ways to use this:
Get a simple Amortization table - showing the principal and interest portions of your mortgage with monthly and annual summaries of total and cumulative interest and principal paid
Do some "What If" analysis to completely understand how you can impact the total interest paid by paying off more principal earlier in different periods. Example: "What if I pay an extra $100 every month for the next year?" or "What if I just pay $1200 from my tax refund into my mortgage in March?"
Re-calculate historic payments - if you've already paid extra into your loan and you want to double check that your principal was reduced and your interest portion recalculated correctly, you can completely re-model your current loan back to the start date and enter all your historic information.
This Google Sheet or Excel Spreadsheet makes it very easy to calculate the interest saved in total over the life of the loan and shows you how much time you have shaved off the loan by pre-paying the given amounts!
The calculator also provides a full amortization table - showing how much principal and interest is paid each month and a year-by-year summary of totals an cumulative amounts over the life of your loan or mortgage.
Page updated
Google Sites
Report abuse