amortization schedule extra payments excel

A fixed-rate loan with an interest-only option is fairly simple to understand and predict, but interest-only mortgages with adjustable rates seem much more risky. I can't answer that for you, but I would strongly recommend reading through the material listed in the references below. If you make additional payments, you'd expect the loan to paid sooner. Reasons to Make Extra Payments Paying off a Mortgage Early This approach is pretty easy to understand. and check the box next to 'Analysis ToolPak'. If you want to include extra payments, you enter them in the amortization table.īe sure to read the comments within the file (marked with a little red triangle on some of the cells) if you have questions. To install the add-in, open up Excel and go to the Tools menu > Add-Ins. When you use Excel, you can make changes to the amount borrowed, the interest rate and the payment period and immediately see how the loan would change. This amount stays constant for the entire duration of that loan. Simply enter your loan information in the cells with the white background and everything else is calculated automatically. To build a lend or mortgage amortization schedule in Excel, we will need to use the following functions: PMT function - calculates the total amount of a regularly payment. Our spreadsheet should be pretty intuitive to use. We've also made a few cosmetic changes and updated comments and help info.Ī commercial use version of this Interest-Only Loan calculator is included as a bonus spreadsheet when you purchase the Loan Amortization Schedule.

Update : The main XLSX version for Excel 2007+ has been updated to allow duplicating the loan worksheet (for comparing different loans within the same workbook).

It will work for an interest-only loan or interest-only mortgage. This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period.

Amortization schedule extra payments excel