http://www.bayridgerealty.com/calculators/Loan_Calc_Extra_Payments.xls

I have downloaded about 20 of these today to try them out. Its good for figuring out how much an extra principal payment will shorten the life of your loan and/or cut interest costs.

You can plug in the specific dates of the additional payments and amounts.

7/6/2007 7:09:01 PM

nice find.

7/6/2007 7:53:32 PM

nice

7/6/2007 8:21:57 PM

Doesn't bankrate.com have this?

7/6/2007 9:23:17 PM

i thought every homeowner with excel made one of these bitches already

7/6/2007 9:32:21 PM

All the websites have loan calculators with amortization tables. This one allows you to enter the additional payments right on the amortization table and then immediately updates all of the total interest figures and the length of the loan.

7/6/2007 10:54:19 PM

BORED KID OFF KAPLAN!!

7/6/2007 10:57:38 PM

i'll make mine a little more user friendly and upload it

if anyone wants it

7/6/2007 10:58:56 PM

an extra payment a year on a 30 year mortgage will reduce it to 17 years

7/6/2007 11:09:59 PM

^ no shit?

No, really, I'm asking.

[Edited on July 6, 2007 at 11:36 PM. Reason : .]

7/6/2007 11:35:43 PM

enjoy the tax shelter while you've got it. Invest your extra cash in something tax deferred while you enjoy the shelter.

[Edited on July 6, 2007 at 11:58 PM. Reason : s]

7/6/2007 11:57:37 PM

^ Just remember to cash out your investments BEFORE the next recession and make it a lump-sum payment to your mortgage company. Taxes asside, every dollar put towards your mortgage earns a guaranteed 6% return (or whatever your rate is), upturn or downturn.

7/7/2007 8:37:45 AM

Quote :

"Just remember to cash out your investments BEFORE the next recession and make it a lump-sum payment to your mortgage company."

Hah. When's the next big recession going to occur? I seem to have forgotten.

I agree with packfootball. Don't end up house poor.

7/7/2007 10:56:06 AM

damn, how do i get on the market mirror ball email list?

7/7/2007 1:06:02 PM

^^ When the chairman of the federal reserve starts making remarks about "irrational exuberance and unduly escalating stock prices" it is a good time to swap investments. Sure, has you followed his advice in early 1997 you would have missed out on most of the bubble, but you definitely avoided the crash of 2001.

7/7/2007 2:10:26 PM

Woah, sounds like somebody is trying to time the market. Good luck with that kid.

7/7/2007 3:04:58 PM

^you must know a lot about finance

7/7/2007 3:22:54 PM

I think it was previously established by arcgreek that he has a crystal ball.

7/7/2007 5:02:48 PM