However, the basic idea is the same with the exception that we can no longer use Excel’s built-in IPmt and PPmt functions. Obviously, there will need to be some changes, and we will add some new features. We will use the same basic layout and numbers here.

If you haven’t yet read the previous tutorial, I suggest that you do it now. Don’t ask them, just do it and see what happens. In fact, I have refinanced my mortgage several times over the years and every mortgage servicer has done this. I have done this for years, and the mortgage statement always shows the extra principal payment even though I have done nothing more than pay extra – there is no need for a separate check or the mortgage company’s approval. Their software will automatically apply any extra amount to the remaining principal. They will often try to get you to sign up and pay for a program that allows you to pay extra principal, but this is not necessary. In this tutorial we will add this feature.īefore we get started let me mention one important thing: You can almost always (actually as far as I know it is always) just go ahead and add more money to the check that you send to the mortgage servicing company. In the original amortization schedule tutorial I left out a feature that is of interest to a lot of people: adding extra principal payments in order to pay off the loan earlier than the loan contract calls for.

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Student loan repayment calculator excel