Mortgage calculator help

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renter
Posts: 332
Joined: Sat Aug 23, 2008 2:14 pm

Mortgage calculator help

Post by renter » Tue Feb 13, 2018 6:08 pm

Are there any good mortgage calculators I can download in Excel that will let me keep track of irregular mortgage prepayments (of varying amounts) that I may make from time to time so I can verify what the bank says is the balance due? The bank's online account only shows history of payments going back a year, and I don't want to have to print out the statements and keep a big binder. In any given year I may make up to 9 such payments, so I need a way to record them over a the span of maybe 10-15 years. An app that I have to keep refilling out each time I use it won't help in my case.

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CAsage
Posts: 939
Joined: Sun Mar 27, 2016 6:25 pm

Re: Mortgage calculator help

Post by CAsage » Tue Feb 13, 2018 6:14 pm

Why not just roll (program) your own? It would be very easy to create an Excel file with these columns:

A) Date
b) Payment = you enter this
C) Balance = prior row balance - payment + interest
D) interest = balance * interest rate/12 (or, interest = DATE(row15-row14)*.04/365...

I think if you create a file with lots of rows, you can then insert lines to enter just the extra payments, without recalculating the interest... or get fancy and calculate the interest for the exact number of days between payments (like...) = DATE(ROW7-ROW6)*INT/365...

Yes? No?
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

JGoneRiding
Posts: 1155
Joined: Tue Jul 15, 2014 3:26 pm

Re: Mortgage calculator help

Post by JGoneRiding » Tue Feb 13, 2018 6:17 pm

Do you have a newer excel program? If so when you open type "Amort schedule" into the search function and there is a super nice one that does all that for you.

Otherwise go online and search and download. No need to reinvent the wheel

renter
Posts: 332
Joined: Sat Aug 23, 2008 2:14 pm

Re: Mortgage calculator help

Post by renter » Tue Feb 13, 2018 6:53 pm

thanks for the replies. I figured it out. For the benefit of others, I followed the steps in this link:

http://smallbusiness.chron.com/make-spr ... 31410.html

then I inserted a new column for "extra principal payments" and added that value to the "end balance" column's calculation.

raisinsaregrapes
Posts: 127
Joined: Thu Dec 21, 2017 4:24 pm

Re: Mortgage calculator help

Post by raisinsaregrapes » Tue Feb 13, 2018 8:39 pm

CAsage wrote:
Tue Feb 13, 2018 6:14 pm
Why not just roll (program) your own?
I say yes to this. Then you can customize it to you liking. Very simple, and by building it yourself you can learn even better how your lender calculates interest.

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