![]() ![]() ![]() Note : This complex dataset will be automatically updated with your input data. Apart from this, I used the following formula using the same function to find the monthly payment with extra payments in the H5 cell. $3162.94 (calculated using the PMT function in the I5 cell). Here, the extra monthly payment is $100 that will be added to your actual monthly payment i.e. Note: In the case of your specific mortgage amount, you may also input them in the corresponding cell of the template after downloading. Let’s say, you have a mortgage loan with the following details: Mortgage Repayment Calculator with Extra Payments The first one is about the mortgage repayment with extra payments and the last one is about the repayment with the offset account.ġ. In this section, I am going to show you two calculators separately. Mortgage Repayment Calculator with Offset Account and Extra Payments in Excel That’s the blessing! Everyone wants to be free from debt and the burden of high-interest rates. Secondly, extra payment reduces the pay-off years of your loan. If you pay higher than the rest, the amount will be lower. ![]() But extra payment gives at least two benefits.įirstly, it’ll decrease the interest because the interest is calculated based on the rest amount. In a more simple way, you can say that you’ll be free of charge from the interest on the balance of the offset account.įor example, if you have a mortgage loan amount of $300000 and an offset balance of $50,000, you have to pay interest in the amount of $250000.Īt first thought, you might think that extra payment is not profitable as you have to pay higher than the actual payment rate. Because it decreases the interest rate as well as the principal amount from which the interest rate is beset with. This type of account is highly profitable, especially in the case of a home loan or mortgage. What Is an Offset Account and Its Benefits?īasically, an offset account is a linked bank account with the loan. Calculator for Repayment with Offset and Extra Payments.xlsx ![]()
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