excel amortization schedule with different payments

In the home equity loan calculator spreadsheet, you can simulate this by making an extra payment of Payment/12 each month, where Payment is the normal monthly payment. Usually, the bi-weekly payment amount is half of the normal monthly payment, which means that you are also paying extra principal, because you make 26 payments per year. It is also a way to consistently make extra payments to pay off your loan earlier. Normally, making bi-weekly payments on a home equity loan or mortgage is a convenience that a lender may offer in case you want to coordinate your payments with your bi-weekly paycheck. The Home Equity Loan Calculator can be used for estimating the interest savings from accelerated bi-weekly payment plans. The Loan Calculator worksheet creates an amortization schedule and lets you experiment with how extra payments can help you pay off the loan early and save interest. That is because a home equity loan is (usually) just a second standard fixed-rate mortgage, as opposed to a HELOC or Home Equity Line Of Credit which is a different thing altogether. The LoanCalculator worksheet (the 1st tab in the workbook) is very similar to our home mortgage calculator. How to use the Home Equity Loan Calculator It will work for interest-only mortgages (assuming a constant rate), and if you enter a monthly payment larger than the normal amortized monthly payment, it assumes that the extra payment is going towards the principal.

Unlike other home equity loan calculators, this one lets you include your 1st mortgage and your 2nd mortgage (or a home equity loan). It doesn't matter whether you've made prepayments in the past, you just enter the current balance, the annual interest rate, and your monthly payment (not including taxes and insurance).

What happens if the value of my home drops? Could I end up oweing more than it's worth?.

How much will equity will I build up by then?

How many years will it take to pay off each loan?.

Here are some of the questions it can help you answer: Although it is limited to analyzing fix-rate mortgages, it can be very handy for analyzing your current state, and making useful predictions in case you want to sell your home later.

The HomeEquity worksheet (the 3rd tab in the workbook) lets you calculate the amount of equity in your home after a number of years.

Excel amortization schedule with different payments