amortization spreadsheet

mobil1syn

mobil1syn

.
Joined
May 19, 2020
Member Number
248
Messages
2,870
Loc
socal
someone posted a amortization spreadsheet on the other site that had extra payment stuff recalculation and what not. anyone have it or a sheet they are willing to share?
 
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.
 
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.
 
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...
 
Last edited:
UnfrozenCaveman said:
...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...
Click to expand...

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 said:
...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...
Click to expand...


interesting, my current mortgage servicer has a line item in the online payment.

MChat said:
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
Click to expand...


yep that was the one i was thinking of.

principal.jpg
 
Last edited:
mobil1syn said:
interesting, my current mortgage servicer has a line item in the online payment.

yep that was the one i was thinking of.
Click to expand...

My bank has a specific box I check to apply payment to principle, so similar as well.
 
You must log in or register to reply here.
Top Back Refresh