This spreadsheet contains a variety of loan information for a 30-year, fixed-rate loan. Enter the Loan Amount, Rate, and the Amount(s)of extra payment you would like to make in the cell corresponding to the year you plan on making extra payments. You can also enter a negative extra payment to see how much it will cost you to take out a second mortgage. An added advantage for many investors is if you pay off the balance of the mortgage early, you may be able to deduct all unused points in that year.
Remember, you may have restrictions on how much of an extra payment you can make in any one year, or a pre-payment penalty. If you taking out a home-equity loan, you will have to pay loan fees, and may not be able to borrow more money than you have equity in the home, although some people are eligible for home-equity loans greater than the current equity on the home.
As you will find in the calculator, the actual payment total over the life of the loan is much greater than the original loan amount. The closer you make your extra payments to the beginning of the loan period, the more you will save over the life of the loan. By making extra payments early in the loan period, the amount of principal you are paying interest on decreases.
At the bottom of the spreadsheet, you will see how much you save by making an extra payment, or how much you will have to pay back, by taking out a second loan. Once the equity is equal to the loan amount, then you will be finished making payments.
This mortgage amortization table will allow you to see how much money you can save by making accelerated mortgage payments.
Calculate how much you will save over the life of the loan by additional mortgage payments or paying off the entire mortgage loan balance.Extra mortgage payments will help you pay down the principal of your loan, and may save you thousands over the life span of the loan. Enter the month you plan to make extra payments to determine your estimated long-term savings.
This Mortgage Calculator is also available in Excel Format, in the members area of Real-Esate-Proforma.com. Sign up to become a member, and you can download this mortgage calculator. You can download a version of this calculator that allows you to make additional monthly payments, or pre-payments. Members can also download versions of this mortgage calculator for 5, 7, 10, 15, 20, and 25 year loan periods.
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