Mortgage Loan Calculator
I was curious to see what difference making extra payments makes on reducing the time it takes to pay down a mortgage loan, so I made a new spreadsheet. Here's what I figured out by playing around with the numbers: The longer the amount of time remaining on your loan, the more of a difference it makes when you pay a little more each month, or make an extra annual payment, or even a one-time payment.
Here's what the calculator will do for you:
Enter the terms of your loan in the calculator, as well as how much extra you're willing to pay on your mortgage each month, each year, or just once over the life of your mortgage. The calculator will tell you how soon your mortgage will be paid off both with and without extra payments. It will also tell you how much faster you'll pay off your mortgage loan, and how many months of loan payments you'll save by making extra payments.
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Click here to download the Mortgage Loan Calculator
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Comments on Mortgage Loan Calculator »
thanks
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I entered 0 into all three "extra payments" boxes so I could see the amortization without extra payments, and it tells me, "You save -5 months with extra payments."
What happened?
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Adam,
Looks like you found a bug
I'll figure out what happened, and repost the spreadsheet.
Sean
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Hi Sean, ………. Thank you for a great site. In using your Mortgage Loan Calculator for a 30 year mortgage at an annual rate of 7% interest your program produces a monthly payment of $661.44 ( with no extras). My eight digit calculator produces $665.30 for the same time and interest. McGraws-Hill's Interest Amortization Tables says $665.31. Who is correct. Fred
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Fred,
I ran the calculations in Excel, and you're right - $665.30 for a $100,000 loan at 7%. I'll have to review my Mortgage Loan Calculator's formulas and see where the glitch is. Thanks for the heads-up, and I hope you're not too disappointed by the error.
Feel free to check out the rest of my free financial spreadsheets.
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