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Excel Loan Amortization Template With Extra Payment In Arizona
State:
Multi-State
Control #:
US-0019LTR
Format:
Word;
Rich Text
Instant download
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FAQ
Be excel can help us calculate. This let's take a look so here on cell E3. I'm going to click i'llMoreBe excel can help us calculate. This let's take a look so here on cell E3. I'm going to click i'll type equals. And then PMT for payment i'll put in my left parenthesis.
Steps Remember the 5 common finance parameters. Open Microsoft Excel. Label fields for Rate, Nper, PMT, PV, and Type. Choose the cell where you want the result for FV to go. Double-click FV. Click OK. Repeat these steps to make a calculator for other parameters.
Even a single extra payment made each year can reduce the amount of interest and shorten the amortization, as long as the payment goes toward the principal and not the interest.
If you prepay your mortgage you reduce the principal balance, reducing the interest due next month and every month forward. If you prepay $1000 on your mortgage, the interest next month will be reduced by 10003.7%/12=3.08 You will still make the same payment, but an additional 3.083 will be credited toward principal.
