mortgage payoff analysis

Copper Contributor

Dear Forum Members:  New member and new poster.  Forum recommended by Leila Gharani.  If this query is in the wrong place, my apologies.

 

 I would dearly love to find an analysis tool that would help me calculate the payoff of a mortgage with irregular payments.  Example:  an extra payment for X amount over the first 10 months of the loan, then another extra payment at a different amount over the next 12 months and then, perhaps, based on the reduced principal achieved at that point, to calculate a lower, additional extra payment to retire the loan in a specified period of time.  It would be essential that the loan not be recalced out to the original loan period reducing the required payment, but the actual length of loan reduced based on payments against principal.

 

If anyone knows of a tool or analysis app that can do above, please 

3 Replies

@scottroe 

If I may recommend, there are many such templates on the internet that are very easy to find.
You could also check out the Microsoft Store, there are always apps that are free too.

Go to the store and search for "Mortgage Calculator Irregular Payments" and you can select.

 

Here is a small sample file/template from the Internet

Excel Amortization Schedule with Irregular Payments

Standard disclaimer: none Microsoft site

 

Hope I could help you with these information / links.

 

NikolinoDE

I know I don't know anything (Socrates)

 

Hi Niko:

Thank you for referring me to that spreadsheet. Unfortunately, it doesn't seem to allow "irregular" payments, just one extra payment and the frequency. The scenario I'm in is 1 irregular payment at first payment, then from the 2nd payment to the 7th payment, another, different irregular amount, then from the 8th to the 19th payment a 3rd different irregular amount, and the, from the 20th through the 56th payment, a 4th, different irregular payment, culminating in the mortgage being paid off in 57 payments, or generally in 5 years. This one doesn't do it for me unless I'm not using it correctly? Scotty

Many mortgage calculators are available online that can help you with your calculations. Some calculators may allow for irregular payments, while others may not. Try out a few different ones to see which suits your needs best. Additionally, it's always a good idea to consult with a mortgage broker or financial advisor who can provide you with personalized advice and assistance in achieving your financial goals. If you're in the Wirral area, you may want to consider contacting a local mortgage broker in Wirral for help. Best of luck with your mortgage calculations!