| Prepaid Mortgage – Version 10/98
All Data Entry cells show up in red.
The Prepaid Mortgage is actually two calculators. It will help you figure when you
mortgage will be paid off if you pay in a specified extra monthly payment, or what extra
monthly payment will be required to pay your mortgage off in a specified time frame.
With A Specified Time Frame:
Balance Due: Enter here the balance due on your mortgage.
Interest Rate on Loan: Enter here the rate on your current mortgage.
Current Principle & Interest Payment: Enter here only your current Principle
& interest payment. Do not include any taxes or insurance payments here.
To be Paid off In How Many Years?: Enter here the time frame (in number of years)
in which you want to pay the mortgage off.
The calculator then tells you how much extra per month you will need to pay to
accomplish the goal.
With a Specified Extra Monthly Payment:
Balance Due: Enter here the balance due on your mortgage.
Interest Rate on Loan: Enter here the rate on your current mortgage.
Current Principle & Interest Payment: Enter here only your current Principle
& interest payment. Do not include any taxes or insurance payments here.
Anticipated Extra Monthly Payment: Enter here the extra monthly Payment you desire
to make.
The calculator then tells you when the loan will be paid off, in number of
years. |
