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Amortization Excel Spreadsheet With Extra Payments In California
State:
Multi-State
Control #:
US-0019LTR
Format:
Word;
Rich Text
Instant download
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FAQ
Ideally, you want your extra payments to go towards the principal amount. However, many lenders will apply the extra payments to any interest accrued since your last payment and then apply anything left over to the principal amount. Other times, lenders may apply extra funds to next month's payment.
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.
Fortunately, Excel can be used to create an amortization schedule. The amortization schedule template below can be used for a variable number of periods, as well as extra payments and variable interest rates.
More info
The tutorial shows how to build an amortization schedule in Excel to detail periodic payments on an amortizing loan or mortgage. If you add an extra payment the calculator will show how many payments you saved off the original loan term and how many years that saved.This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments. Adding extra principal payments in order to pay off the loan earlier than the loan contract calls for. In this tutorial we will add this feature. Download a free Home Mortgage Calculator for Excel. Analyze a fixed or variable rate mortgage with optional extra payments. Fill in the "Period" column. Fill in the column titled "Period" with your payment dates. This amortization calculator shows the schedule of paying extra principal on your mortgage over time.
