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Mortgage with Extra Repayments — Excel Template with Payment Schedule

Annuity loan schedule up to 360 months, extra repayments with "reduce term" and "reduce payment" modes, balance recalculation, interest savings and a comparison with the schedule without extras.

Mortgage with Extra Repayments — Excel Template with Payment Schedule
290 ₽
≈ 3 USD
Blank template + filled-in example · Excel 2007+, LibreOffice, Google Sheets
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What it is for

Before putting extra money into your mortgage, it helps to see what it will do: how much shorter the term becomes, how much interest you save and how the payment changes. In the spreadsheet you enter your extra repayments (dates, amounts and mode), and it recalculates the balance month by month and compares the two scenarios.

What is inside

  • "Settings": amount, rate, term up to 360 months, disbursement and first payment dates, payment and totals as of today.
  • "Extra Payments": up to 60 repayments: date, amount, mode "Reduce term" or "Reduce payment", with a note of which payment applies it; planned repayments can be entered.
  • "Schedule": payment by payment: interest, principal, extra repayment, balance; repayments are highlighted in color and past payments in grey.
  • "Schedule No Extras": the same loan without extra repayments.
  • "Comparison": term, payment, overpayment, interest saved and balance by year, with a balance chart with two lines.

Who it is for

Borrowers with a mortgage or another annuity loan who plan extra repayments and want to compare the "shorten the term" and "lower the payment" options.

What you get

The download includes a blank template and a filled-in sample with fictitious data, so you can see how the formulas and checks work. It is an Excel spreadsheet with ordinary formulas, not an accounting program. All fixes and new versions of the project are free.

Compatibility

Excel 2007 and later, LibreOffice. No macros. The file is in English. Rates and thresholds are set in the settings: check them against your loan agreement before use. Calculations are approximate.

Questions and answers

What is the difference between "Reduce term" and "Reduce payment"?
With "Reduce term" the payment stays the same and the loan is repaid sooner. With "Reduce payment" the term does not change and the payment is recalculated for the remaining balance. The first option usually saves more interest.
Why do the amounts differ from my lender's schedule?
Lenders calculate interest on the actual number of days in the period and year, while the spreadsheet uses a simplified method: the rate divided by 12. Always get the exact schedule from your lender.
Can I include future extra repayments?
Yes. Enter planned dates and amounts on the "Extra Payments" sheet, and "Comparison" will show the savings including your plans. Repayments before today's date are shown in grey on the "Schedule" sheet.
What does the spreadsheet not take into account?
Floating or changing rates, fees, insurance, payment holidays and the specific recalculation rules of a particular lender. The calculation is approximate.