levan k asked:


i have a private morgage and i would like to add extra dollares to my each monthy payment. each month will be a different amout. for example: my payments are 270 a month, this month i might pat 340 next month 278 next month 700. how do i keep track of the interest and the amortization? is there a calcuator or a softwear available that is free? or any idea how to set up the formual in Excel? best regards

thanks

HEATH

2 Responses to “how do i calculate interset on morgage with different monthy payments?”

1. monahanmichael@ymail.com on December 23rd, 2009 7:52 pm

   here is an amoritization calculator

   bankrate.com offers many different mortgage calculators,

2. leslie on December 25th, 2009 2:51 am

   I don’t know of a mortgage/amortization calculator available online that will help you. There are mortgage payment calculators available, but not as sophisticated as what you need. I’ll post a link for you for a simple calculator for what it’s worth. Just so you understand, the additional money you’ll contribute toward your payment will go directly toward your principal, so the amount you pay towards interest at the end of the term of the loan will be substantially less. At the beginning of the mortgage payment schedule, most of the money goes toward your interest and very little goes toward your principal loan amount. By contributing more each month, you’ll effectively reduce the principal amount so your loan is paid off sooner thereby affecting the interest paid at the end of the term of the loan.

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