Mortgage Amortization Spreadsheet

I finally got the first home I wanted. Yay! Now onto paying off the mortgage over the next 30 years. I can’t wait till the day comes when I write my last check to the bank. Though I really don’t want to imagine myself, 30 years older, but that is reality. This is better than paying rent till the day I die, hopefully longer than 30 years…

I made it my next goal to shorten the term, by making additional payments every month. Sure, I could have just sign up for a shorter term loan but I would not have been able to make the higher payments. How much additional payment do I have to make to trim 1 year, 2 year, or 5 years off my loan? How soon can I pay off my mortgage if I reduce my coffee/bubble tea fund and use it to pay toward my mortgage? I found a mortgage amortization table online and customized it to calculate just that. I also discovered after playing around with the table a bit, that a 4% annual interest rate is equivalent to 72% interest over a 30 year period. In the end, the banks are the real winners in this real estate business.

The Spreadsheet

Download Mortgage Amortization spreadsheet here. Start by entering a few numbers: home purchase price, down payment, first payment date, loan period and interest rate. Next, enter an amount in the “Extra Payment” column ($50 from my coffee fund) and the number will be automatically repeated for the length of the loan. The “Key Figures” section will show you how many years you saved by making the extra payments, and when exactly is your last payment date, etc. In this snapshot, on a $80,000 loan, $50 additional monthly payment shaved off 5.9 years off the 30-year loan.



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