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The Excel Budget Spreadsheet
Price: $39.99
For Excel 2010, '13, '16, '19, Microsoft 365 (including 365 for MAC) |
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Mortgage & Loans video transcript:
Let us now take a look at the mortgage calculator. I can put in the amount of my loan. The interest rate, number of years, and the starting month and year. And you can see it automatically calculates what the total interest is on the loan, what your monthly payment would be.
And although there are hundreds of calculators that you can get for free online. What's unique about this one is, let's say, the end of the next year. I get a bonus, and I want to put extra money towards my mortgage. So let's say I'm going to put an extra $2,000 towards my mortgage. I put that amount in here, any amount you put here it's going to change that, and every future amount. So, I want to change back the next payment. Back to what normal payment is. So you can see I put an extra $2,000. What does that do for me, you can see, I'm going to pay this off in less than 30 years, just because of that one extra payment. And that 2,000 ends up saving me 4,700, in interest. So let's look at another scenario, let's just say that I can afford an extra $150 every mortgage payment. So I'm going to put in my mortgage payment, plus 150, and it's going to change that payment, and every payment thereafter. You can see what that does. It saves me almost seven years on my mortgage and $41,000 in interest savings. So you can come down to the bottom and see the month and year that the mortgage is actually paid off. So basically July of 2039. So that is what's unique about the mortgage calculator, versus what you would get online. You also can put in what your appraised value is. And so you can see what your equity is and how it's gaining over time.
The loans tab. So this comes in handy if you are considering a a car loan and you're trying to figure out if you paid it off in five years or three years. So, normally, the longer period of time, the higher the interest rate so let's just say five years is 5% and three years is 4.5%. So with this you can see what the monthly payment will be to see what you can afford, and how much interest you end up paying in total, under each loan scenario. So this is thrown in as just an add-on for the mortgage calculator. If you're like me, you'll find it very helpful to see how much interest you'll save by making extra payments to your mortgage, and what loan scenarios make sense for your next car loan.
And although there are hundreds of calculators that you can get for free online. What's unique about this one is, let's say, the end of the next year. I get a bonus, and I want to put extra money towards my mortgage. So let's say I'm going to put an extra $2,000 towards my mortgage. I put that amount in here, any amount you put here it's going to change that, and every future amount. So, I want to change back the next payment. Back to what normal payment is. So you can see I put an extra $2,000. What does that do for me, you can see, I'm going to pay this off in less than 30 years, just because of that one extra payment. And that 2,000 ends up saving me 4,700, in interest. So let's look at another scenario, let's just say that I can afford an extra $150 every mortgage payment. So I'm going to put in my mortgage payment, plus 150, and it's going to change that payment, and every payment thereafter. You can see what that does. It saves me almost seven years on my mortgage and $41,000 in interest savings. So you can come down to the bottom and see the month and year that the mortgage is actually paid off. So basically July of 2039. So that is what's unique about the mortgage calculator, versus what you would get online. You also can put in what your appraised value is. And so you can see what your equity is and how it's gaining over time.
The loans tab. So this comes in handy if you are considering a a car loan and you're trying to figure out if you paid it off in five years or three years. So, normally, the longer period of time, the higher the interest rate so let's just say five years is 5% and three years is 4.5%. So with this you can see what the monthly payment will be to see what you can afford, and how much interest you end up paying in total, under each loan scenario. So this is thrown in as just an add-on for the mortgage calculator. If you're like me, you'll find it very helpful to see how much interest you'll save by making extra payments to your mortgage, and what loan scenarios make sense for your next car loan.
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All of XLYourFinances' spreadsheets are protected by copyright laws. Breaking into the spreadsheet’s macros or breaching its password protection not only makes guarantees of the spreadsheet’s usability and support for the spreadsheet null, but is also considered a copyright infringement, as the methodologies and techniques utilized are proprietary and owned by XLYourFinances, LLC. Please refer to the terms agreement for more details on the terms of use.
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All XLYourFinances.com spreadsheets are copyright protected, © 2010-2023.
All XLYourFinances.com spreadsheets are copyright protected, © 2010-2023.