loan amortization schedule with extra payments excel

Loan Amount is calculated as Home Value + Loan Insurance - Down Payment.

You then multiply this number by your loan tenure.

If you want to guesstimate this amount, use the LIC premium calculator to calculate yearly premium for eTerm plan using your age, loan term and loan amount for Sum Assured.

Loan Insurance is the single premium amount, for the Home Loan Protection Plan (HLPP) OR Term Insurance Plan, that gets included in your home loan amount.

Down Payment, aka Margin, is the total money you paid to the seller or builder from your own pocket, entered either in Rupees or as a percentage of Home Value.

Home Value is the actual price of the home you purchased (i.e., sale deed value).

Home Loan Details includes single premium loan insurance and processing fees. We can visualize the impact with a nice chart (requires some extra work) like this:ĭo check the download workbook for details on how the chart is setup.Using our Home Loan EMI Calculator, you can calculate how much monthly and total expenditure you really incur by purchasing a home using your bank home loan. Go ahead and play with the table by typing some values in the “Extra payment” column. Step 3: Your mortgage will end when the “Eff.

Closing Balance is opening balance minus principal paid minus extra payment.Ĭomplete this table with necessary formulas and fill everything down.

Extra Payment is the input column where we can type any extra payments.

We can get this with the PPMT() function.

Principal Paid is the amount of principal paid in each month.

=ROUND(NPER($E$7/12,$E$10,$D13),0) will tell us how many months it is rounded. We can use NPER function to get the answer here.

Effective term is how long it would take you to pay off the mortgage based on the opening balance, and agreed upon monthly payment (calculated in Step 1) and interest rate (Cell E7).

For subsequent months, this will same as previous month’s closing balance. Opening Balance is same as loan amount for month=1.Related: Read about SEQUENCE and other Dynamic Array functions in Excel. You can use =SEQUENCE(360) to automatically generate all the months. So, set up a range of 360 months (or longer if you want to cater for longer mortgages). In my case, let’s say loan is $500,000, term is 20 years and APR (Interest rate) is 5.35% per annum.Īs extra payment will bring down the outstanding loan term, we need to set up an amortization table to see the impact clearly. Step 1: Calculate the monthly (or weekly / fortnightly) payment:Īssuming you have the Loan amount, term & APR in three cells E5, E6 & E7, we can use the PMT() function to calculate the periodic payment.

Loan amortization schedule with extra payments excel