Download Extra Payment Mortgage Calculator Excel Template

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Some of the questions I have regarding mortgages and just loans in general have had to do with whether it is a good idea to make extra payments on the principal. If you have similar questions, please feel free to download the Extra Payment Mortgage Calculator for Excel.

Why Make Extra Payment Mortgage?

There are many reasons a person wants to make additional payments on the principal of a loan, but the most common reasons seem to be:

  • To payoff a home, auto, or consumer loan more quickly.
  • Also, To reduce amount of total interest paid.
  • To take advantage of high mortgage interest rates when other savings plans have lower interest rate.

Mortgage calculator with extra payments

Calculate the difference in total interest paid on mortgage loan when making additional monthly payments.

Extra Repayment calculator

Paying off a Mortgage Early

This approach is easy to understand. If you make additional payments, you’d expect loan to paid sooner. The spreadsheet assumes that extra mortgage payments are to pay every month.

Pay Less Total Interest

Each month, your payment consists of both interest and principal. The amount of interest that is paid depends upon amount of principal still owe . That means that if you pay down principal, you will end up paying less interest. This is the so-called “interest savings” that is calculated in worksheet (i.e. the reduction in the interest expense).

Extra Payments vs. Savings

It may be weird to think of making additional payments as an “investment”, but it turns out so that making extra payments is nearly identical to placing money in a savings plan. If mortgage interest rate is same as for the savings plan, then the amount of reduce interest expense from making extra payments is identical to the amount of interest “gain” in the savings plan (assuming both rates are fixed and compound monthly). The main difference is that with a savings plan (or other similar investment), the cash is more readily available mortgage amortization calculator with extra payments.

Download Extra Payment Mortgage Calculator Excel Template

To use this free Excel Template, you should have Microsoft Office/ Microsoft Excel. You can only use this template if you have these applications in your system. or Use, Google Sheets. 

After installing Excel or Spreadsheet, download the xlsx file of this template to use it

Once extracted, you can open the file using Excel and start entering data or customizing the template.

Click The Button Below To Download Extra Payment Mortgage Calculator Excel Template

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