Save Money By Paying Down Your Mortgage!
Calculate how much you can save by paying more on your mortgage payments...
Enter additional payments in any period and get an updated amortization schedule...
Use this simple Google Sheet (or Excel Spreadsheet) to try different paydown (payment) scenarios to discover how much you can save, and how much sooner you will pay off your mortgage...
This spreadsheet lets you enter your loan terms and additional principal payments on any monthly payment throughout the life of the loan - and it re-calculates the updated amortization including the new principal and interest portions and provides a total savings and new mortgage payoff date.
It's easy to use for recording your actual payments made or to try different paydown scenarios to see how much you can save!
Simple to calculate your savings - you just enter:
- Your loan or mortgage terms - time period, interest rate, principal, loan start date
- Your optional additional payments - Real Estate Taxes, Home owners and mortgage insurance
- Any Additional Payments you can make over the life of the loan in specific months - using a monthly plan or specific payments in specific months
- You can enter any additional payment amount at any monthly payment date through the whole life of the loan!
- This is the easiest way to understand your mortgage, as it is simply a Google Sheet - which requires no purchased software - or an Excel Spreadsheet if you have Microsoft Office / Excel.
The calculator gives you:
- A full amortization schedule - breaking down interest and principal paid with each payment.
- A separate yearly summary with totals per year up to the full term of the loan.
- A summary at the top of the TOTAL INTEREST SAVED and the TOTAL TIME REDUCED off the end date
- A graph showing the different components of your monthly payment if you've entered them.
- The ability to enter additional paid down principal with ANY monthly payment through the life of your loan!
- Piece of mind that your bank is calculating your new payment correctly, after your additional paid-down principal (or at least some ammunition to go talk to them).
- A complete picture of the life of your loan or mortgage - month by month - with all payments, additional principal paid and interest amounts.
On the Mortgage Amortization with Paydown spreadsheet, you can
safely and easily try all types of paydown scenarios to compare the savings and better understand your particular situation!
Make better decisions on how to pay off your mortgage by using this calculator!
Ask your bank to compare your results to their results if you are not sure they are calculating your current payment amounts after you've paid down more principal!
Track your extra payments so you can see how much you're really saving in interest payments!
Below are more images from the Google Sheets Mortgage Paydown and Amortization Calculator spreadsheet:
On Spreadsheetman.com you can get this and many other GOOGLE SHEETS spreadsheets (and Excel) for Finance, Travel, Business, Loans, Investments, Sports and even just fun spreadsheets for learning.
MORE DETAIL on how you can use the Mortgage Amortization With Paydown Savings Spreadsheet:
This Google Sheets (or Excel) calculator shows how much money in interest you can save, and how much sooner you will pay off your mortgage, as you make additional payments each month. There are a few ways to use this:
- Get a simple Amortization table - showing the principal and interest portions of your mortgage with monthly and annual summaries of total and cumulative interest and principal paid
- Do some "What If" analysis to completely understand how you can impact the total interest paid by paying off more principal earlier in different periods. Example: "What if I pay an extra $100 every month for the next year?" or "What if I just pay $1200 from my tax refund into my mortgage in March?"
- Re-calculate historic payments - if you've already paid extra into your loan and you want to double check that your principal was reduced and your interest portion recalculated correctly, you can completely re-model your current loan back to the start date and enter all your historic information.
This Google Sheet or Excel Spreadsheet makes it very easy to calculate the interest saved in total over the life of the loan and shows you how much time you have shaved off the loan by pre-paying the given amounts!
The calculator also provides a full amortization table - showing how much principal and interest is paid each month and a year-by-year summary of totals and cumulative amounts over the life of your loan or mortgage.