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1. #FREE ONLINE EXTRA PAYMENT MORTGAGE CALCULATOR DOWNLOAD#
2. #FREE ONLINE EXTRA PAYMENT MORTGAGE CALCULATOR FREE#

We can visualize the impact with a nice chart (requires some extra work) like this:ĭo check the download workbook for details on how the chart is setup. Go ahead and play with the table by typing some values in the “Extra payment” column. Plus, the calculator will also calculate the amount of interest you will save by paying off your home loan ahead of schedule.

#FREE ONLINE EXTRA PAYMENT MORTGAGE CALCULATOR FREE#

Make additional repayments without penalty Free online redraw on extra. Use this free calculator to see how even small extra payments will save you years of payments and thousands of Dollars of additional interest cost. This free online calculator will calculate the amount you will need to add to your monthly house payment to pay off your mortgage within your desired time frame. Step 3: Your mortgage will end when the “Eff. Our home loan extra repayment & lump sum payment calculator can show you just. Closing Balance is opening balance minus principal paid minus extra payment.Ĭomplete this table with necessary formulas and fill everything down.Extra Payment is the input column where we can type any extra payments.We can get this with the PPMT() function. Principal Paid is the amount of principal paid in each month.=ROUND(NPER($E$7/12,$E$10,$D13),0) will tell us how many months it is rounded. We can use NPER function to get the answer here. Effective term is how long it would take you to pay off the mortgage based on the opening balance, and agreed upon monthly payment (calculated in Step 1) and interest rate (Cell E7).For subsequent months, this will same as previous month’s closing balance. Opening Balance is same as loan amount for month=1.Related: Read about SEQUENCE and other Dynamic Array functions in Excel. You can use =SEQUENCE(360) to automatically generate all the months. So, set up a range of 360 months (or longer if you want to cater for longer mortgages). Using our Mortgage Calculator can take the work out of it for you and help you. In my case, let’s say loan is $500,000, term is 20 years and APR (Interest rate) is 5.35% per annum.Īs extra payment will bring down the outstanding loan term, we need to set up an amortization table to see the impact clearly. M P r (1 + r) n (1 + r) n - 1 This formula can help you crunch the numbers to see how much house you can afford. Step 1: Calculate the monthly (or weekly / fortnightly) payment:Īssuming you have the Loan amount, term & APR in three cells E5, E6 & E7, we can use the PMT() function to calculate the periodic payment. This mortgage payoff calculators shows how different extra payment plans affect the payoff date, the total amount of interest paid, and the borrowers.