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If you are planning to apply for a mortgage loan or you already have a mortgage, then you may find that the mortgage amortization calculator spreadsheet can help you in your calculations. Amortization is the main part of a mortgage that helps to calculate the monthly payments and the remaining loan balance after the borrower has fully paid off the mortgage. Amortization is a very important term in the mortgage contract and is the reason why mortgage loans are so much more expensive than usual.
loan calculator My Mortgage Home Loan from mortgage amortization calculator spreadsheet , source:mymortgagehomeloan.com
In a mortgage agreement, the lender will divide the principal amount of the mortgage into monthly installments. The initial payments will be on top of the first mortgage payment and the rest will be paid by the borrowers over the next 20 years. So it will take the borrower up to 20 years to pay off the total amount that they have already paid to the lender. Therefore, the mortgage payments will equal the principal amount of the mortgage in different periods and then the remaining balance will be paid by the borrowers.
Sometimes a borrower may opt to add a separate mortgage for a home improvement project that they wish to do. The additional mortgage will then become part of the principal mortgage and will be paid directly to the lender. With this kind of mortgage, the borrower will need to make more mortgage payments per month than they had in the case of a single mortgage loan.
Schedule Loan Repayments With Excel Formulas from mortgage amortization calculator spreadsheet , source:investopedia.com
However, a mortgage amortization calculator spreadsheet can help in the calculations of the monthly payments of a mortgage loan. The spreadsheet will also include a breakdown of the payments into interest only, interest plus fees, and also the remaining balance after all other payments are added up. Thus, you will have an idea of how much you will need to pay in total every month and that payment is the most convenient for you.
However, with the mortgage amortization calculator spreadsheet, the lender must have its spreadsheet. These are not widely available yet and the calculator providers usually charge a fee for using it. However, the difference in the costs will generally be minimal and will not prevent you from using the spreadsheet even if you don’t want to pay any fee.
Amortization Spreadsheet Google Docs Lovely Amortization Calculator from mortgage amortization calculator spreadsheet , source:tzxfoods.com
Mortgage calculators are useful for two purposes: as an aid to determine how much you will have to pay every month and as a way to understand how much interest you will need to pay on your mortgage. The important thing to remember is that these are estimates and should not be taken as actual numbers. Only use these estimations to compare your mortgage to the competition or to see what kind of interest rate you should expect.
An important thing to keep in mind about the mortgage calculator spreadsheet is that you should know exactly what you are looking for before you use it. To find out the mortgage loan rates, all you have to do is type the amount of money you need to borrow in the box provided and click the search button. The spreadsheet will then provide you with the required details for you to make a comparison with the competition and see which loan is the best option for you.
Mortgage Calculator with Taxes Insurance PMI HOA PITI Extra from mortgage amortization calculator spreadsheet , source:etsy.com