![]() ![]() Use mortgage calculator templates to figure out when you can pay off. The point of the line of credit is to maintain liquidity while making extra payments, not to get into more debt. These calculator templates can help you with your mortgage, loans, budgeting, and more. ![]() Note: This spreadsheet has nothing to do with debt consolidation. In this scenario, a person makes a principal-only payment on the mortgage using the line of credit, then uses their free cash flow to pay off the line of credit balance, then repeats this process until the mortgage is paid off. We will use the following sample data set to create an Excel loan. In this article, we will use the IFERROR function in the first solution and a combination of the PMT, IPMT, and PPMT functions in the second approach to create an Excel loan calculator with extra payments. Scenario 3: Using a Line of Credit with optional Paycheck Parking In loan installments, extra payments help to repay the loan earlier. This scenario does not use a line of credit. In this scenario, a person uses their free cash flow (income minus expenses) to make monthly extra principal payments on the mortgage. Scenario 2: Using Free Cash Flow to Make Extra Payments Home Equity Loan Amortization Calculator Auto Loan Amortization Calculator Amortization Calculator (web-based) You can also find a free excel loan amortization spreadsheet by doing a search in Excel after going to File > New. Extra Payment: 300 New Monthly Payment: 1,927.89 Total Interest: 35,923.95 Total Payment: 185,923.95 Pay Off: 8 Years As we can see by making an extra payment of 300 each month, the. It represents a person making only the normal monthly payment each month. Extra Payment Mortgage Calculator - Compares making extra payments to investing. Let's see how much he can save if he makes an additional payment of 300 each month which is about 18 more than the original monthly payment of 1,627.89. It compares 3 scenarios: Scenario 1: Traditional Mortgage Amortization with No Extra Payments This spreadsheet simulates the technique of using a Line of Credit to help accelerate the payoff of a mortgage, with optional paycheck parking. Mortgage calculator with extra payments and lump sum. ![]()
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