Loan Amortization in Excel

A question about : Loan Amortization in Excel

A good tip for those that want to investigate the effects of overpayments and interest rate changes is to look at the 'Loan Amortization' template in your copy of excel. This will reveal that doubling you payment will cut the repayment time to 1/3. Also, Ј2k spent in the first year would save you ~Ј5000 over the 25yr period of the loan. Makes you think twice about that new sofa doesn't it and shows the downside of extending your mortgage as a cheap personal loan (ie low rate, but long timescale). Very interesting

Best answers:

• The excel spread is the one I use, great for showing just how much difference small overpayments make
• Excellent - just what I'm looking for!
  Delluver
• Just wanted to thank Youreds for the spreadsheet. After playing around with it, adding my own figures and using a couple of interest rates and over payment amounts I've worked out how to pay off our 17 year mortgage in about 8 years. So the plan is to remortgage to a better rate (currently 5.95%) thereby cutting the monthly payment, overpay the current monthly amount by about Ј200 per month (I was able to save this by following advice on OS board), and use OH's annual bonuses (working on the smallest amount he's ever been given). By which time my kids will need help buying their own homes!!
• Hi
  I am trying to download the spreadsheet & it comes up as WEBSENSE 'adult content' & wont open ! Could some PM me it to bypass websebse ( assuming there is not actual adult content)?
  Thanks
  Bizzy Lizzie
• Try this:
  https://www.forgemill.co.uk/offsetornot.xls
  Delluver
• This is what I get. Weird or what ?
  Bizzy Lizzie
  Reason:
  The Websense category "Adult Content" is filtered.
  --------------------------------------------------------------------------------
  URL:
  https://www.forgemill.co.uk/offsetornot.xls
• Maybe. I am at work ( at lunch,honest). I'll try tonight from home.
  Thanks for trying
  Bizzy Lizzie