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south central WI | I'm trying to set up a spreadsheet to determine the principal owed at the end of each year. I also would like to be ablessed to enter a value of accelerated payment to see how that affects the total paid.
Example: 100k mortgage, 4% interest 15 years. End of year 1 I would owe approx 95k in principle. Pay 10 extra at that time so beginning of year 2 would be 85k principle. I would like it to keep payments and length the same just figure out how early I would have it paid off. Is there a simple way to do that using a formula?
I have used the PMT function, then used my book of monthly interest and amortization tables to figure out end value, then subtract the amount, etc. It's is slow and cumbersome and not sure how accurate. Thanks
Also if there are any apps that do that I could use that also. Might be handier in the long run. I'm sick and twisted in that I like running scenarios in my spare time. Lol | |
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Excel help.
