എക്സൽ മോഡൽ: നേരത്തെയുള്ള മോർട്ട്ഗേജ് പേഓഫ് കാൽക്കുലേറ്റർ

Title: Early Mortgage Payoff Calculator

 വിവരണം:

 

This spreadsheet helps users calculate the benefits of making extra payments on their mortgage to pay it off early. It includes sections for loan information, a summary of loan payments with and without extra payments, and a detailed payment schedule.

 

  • Loan Information: Enter details such as loan amount, annual interest rate, term of the loan, and extra monthly payment.
  • Loan Summary: Compare monthly payment, number of payments, total payments, total interest, and interest savings with and without extra payments.
  • Payment Schedule: Track monthly payments, including breakdowns of principal and interest, cumulative totals, and remaining balance.

 

Advice/Tips:
  • Loan Information:
    • Ensure all loan details are accurately entered before proceeding with calculations.
    • Regularly update the extra monthly payment to reflect any changes.

  • Loan Summary:
    • Review the summary to understand the overall impact of extra payments on your mortgage.
    • Use the summary to make informed decisions about how much extra to pay each month.

  • Payment Schedule:
    • Review the payment schedule to track progress and understand the distribution of interest and principal payments over time.
    • Use the schedule to plan for potential changes in monthly payments.

ഉറവിടം: Custom Calculator

Click the following icon to open the full workbook viewer in a new tab, allowing you to easily edit and save.

Click the following icon to download the spreadsheet, allowing you to save the file on your computer along with edits.

Example of using calculator:

Detailed example of using Spreadsheet: Tasks for user to complete:

 

  1. Loan Information Section:
    • Enter the loan amount, annual interest rate, term of the loan, and extra monthly payment.
      • Example values: Loan Amount – $250,000, Annual Interest Rate – 6.00%, Term of Loan – 30 years, Extra Monthly Payment – $500.

  2. Loan Summary:
    • Review the total payments, number of payments, total interest, and interest savings with and without extra payments.
      • Example values:
        • Monthly Payment: With Extra Payments – $4,152.14, Without Extra Payments – $3,652.14
        • Total Interest: With Extra Payments – $48,183.50, Without Extra Payments – $56,779.64
        • Interest Savings: $8,596.14
  3. Payment Schedule:
    • Review the payment schedule, including breakdowns of principal and interest, cumulative totals, and remaining balance.
      • Example values:
        • Month 1: Payment – $4,152.14, Interest – $1,250, Principal – $2,902.14, Balance – $247,097.86

Why is interactive calculator useful:

This spreadsheet consolidates all information related to early mortgage payoff in one place, making it easier to evaluate the benefits of making extra payments. By providing a clear view of loan details, payment summaries, and schedules, it helps users make informed decisions about their mortgage strategy.

 

ഉറവിടം: Custom Spreadsheet

തീരുമാനം:

The Early Mortgage Payoff Calculator is an invaluable tool for managing and understanding the financial implications of making extra payments on a mortgage. By providing a detailed and organized approach to recording and analyzing mortgage data, it helps users achieve financial stability and make informed decisions about their mortgage payments. Regular updates and reviews ensure that the mortgage strategy remains aligned with changing financial conditions and goals.

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