Download Extra Payment Mortgage Calculator Template In Excel

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 this Extra Payment Mortgage Calculator template in Excel Format

Our easy to use editable Excel templates and save your significant amount of time and effort. Here’s how to download and use one of our templates:

  1. Download this free Excel Template: Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

  2. Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

  3. Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

  4. Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

  5. Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

Click Download Button To Get Extra Payment Mortgage Calculator Excel Template

Instruction :

All Excel templates and tools are sole property of xlsxtemplates.com. User can only download and use the excel templates for their Personal use only. All templates provided by XLSX templates are free and no payment is asked. However, you are not allowed to distribute or share in any other website for sole purpose of generating revenue from it.

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