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amortization spreadsheet
- Thread starter mobil1syn
- Start date
Bill Jones
???
If you are using Excel, they have half a dozen or more amortization blank workbooks. Thats the one I started using when I got my last mortgage.
didnt even think to check that, thanks
Tiha
Red Skull Member
There are tons of free ones online as well just do a mortgage calculator search and you can find them as simple or difficult as you like.
UnfrozenCaveman
Member
- Joined
- May 29, 2020
- Member Number
- 1653
- Messages
- 16
Pick a free excel template...just add a column for the additional principal payment and make sure it adjusts the month (presuming payment interval) end balance before the next month's interest expense is calculated.
...edit ... and make sure the mortgage holder applies the additional principal correctly! We had this battle for years with Chase ... they managed to put additional principal in an "escrow" account and forgot to re-calculate interest expense based on the dates the additional principal was received. weasels...
...edit ... and make sure the mortgage holder applies the additional principal correctly! We had this battle for years with Chase ... they managed to put additional principal in an "escrow" account and forgot to re-calculate interest expense based on the dates the additional principal was received. weasels...
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MChat
Resident "Preacher Man"
Here is one that I use, I may even have posted this in the past. The yellow highlighted cells are the ones you enter values in. It has a column for a reoccurring extra payment and a column for random 1 time extra payments.
http://www.azchatfield.net/ammortization-monthly.xlsx
http://www.azchatfield.net/ammortization-monthly.xlsx
MChat
Resident "Preacher Man"
It appears that banking laws changed somewhere during Obama's administration (part of the post 2008 crash reforms, I think); they no longer have to automatically apply extra amounts to the principle they can hold on to it as a "partial payment" thus you only get credit for it when you've paid enough extra to make a complete payment. Which also means that they get to charge you interest on that principle that they aren't reducing. I don't bother adding in an extra amount anymore, besides, I can make more interest in my investments than I would if they did apply it (heck even the 0.03% you get in a savings account is better than them holding onto your money at 0.00000% until you have a full payment).
My understanding is that you can call and request to make an additional payment, but who wants to go through that hassle; especially considering the customer service rep on the other end of the line has been trained to NOT understand what you are trying to do.
UnfrozenCaveman
Member
- Joined
- May 29, 2020
- Member Number
- 1653
- Messages
- 16
Hmmm, maybe so...that house was paid for 18 years ago ... tempus fugit ... thanks :)
interesting, my current mortgage servicer has a line item in the online payment.
yep that was the one i was thinking of.
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Toreadorranger
Atomic Test Lab Rat
My bank has a specific box I check to apply payment to principle, so similar as well.
dntsdad
Central California
I use this guys stuff
If youre into the dave ramsey snowball for debt also, he has spreadsheets for that too. I used them 10 years ago while climbing out of debt
https://www.vertex42.com/Calculators...lculators.html
If youre into the dave ramsey snowball for debt also, he has spreadsheets for that too. I used them 10 years ago while climbing out of debt
https://www.vertex42.com/Calculators...lculators.html