Hands up if this video gave you even more adulting anxiety 🙋🏻 TIMESTAMPS 00:00 How to Calculate Monthly Payments 00:33 Intro to Mortgage Calculator Template 00:58 Monthly Payment for Fixed-Rate Loan 02:33 Calculate Monthly Interest Payments 04:55 Double Check Your Calculations 05:49 How Interest Rate affects Total Interest 06:17 How Extra Payments affect Total Interest 07:05 Pro Tips for this Mortgage Calculator
Hey Jeff, I haven't read all the comments (someone probably already pointed this out) but you verbally added Total Interest to calculate Total Principal in the second row for Total Principal. But the formula you entered was correct. Great service you're providing to home buyers! As a retired investment banker who joined his wife as a Realtor, I used to use Excel all the time, but have had relatively little need over the last 20 years. I say this to say you are not only helping home buyers, you're also helping an old dog like me save the mental energy needed to figure out how I would lay this out for my potential clients. Hat tip to you, and just so you know, and I would be glad if you beat me to the punch, we need to create a spreadsheet that goes the next step and can compare the real economic consequences of the 3 different scenarios (payment options) the lender offers after our offer to the seller has been accepted, including different interest rate buy-downs. Peace, --N
Hi Jeff, thank you for this excellent video. I wanted to ask you if, when making extra payments, the monthly payment should decrease or if it always stays the same?
thanks. Monthly interest is (1 + Ann rate) ^ (1/12) -1 . It is very close to the Ann rate / 12 but here it is causing your monthly payment to be $10 more than it needs to be :)
Did you ever make the video on variable rates? I want to track my mortgage like you showed but the interest rate keeps going up randomly in South Africa.
@@JeffSu when you do the extra payment for the mortgage, do you have to let the loaner know that you’re paying towards the principal? Or should that be a known thing? Thank you for taking the time out of your busy schedule to reply as well!
Great video. Download link for template doesn’t seem to be working. Not to worry tho you video was very clear and I have followed along to create my own version. Thank you! Now to work out the benefits overpaying will have for me 😅
Jeff, this is awesome. Love it. Very easy to understand. One question, what if it's base on a variable rate instead of fixed? let's say 2 years in, rate increases and 3 years in, rate reduces. How to adjust accordingly?
Great video ! Your example has 1 mortgage payment every month, I would like to know what to do if My mortgage payments are bi-wekly , 26 payments / year ? Thank you !!
In a scenario where a loan is paid off early with extra payments applied to the principal (inconsistent times), do you know how to calculate the interest rate (not amount) paid after the loan is paid off? For example, if the term of the loan is 60 months with an interest rate of 6%, but someone paid it off in 50 months? This has proven difficult to find the answer to so any help is greatly appreciated.
I agree that it’s essential to know this stuff! It’s definitely eye opening and really emphasizes how major the effect of a 1% increase in rates is 😅 Gotta always negotiate down! As a finance major, I was taught to calculate this using the good ol’ BA II Plus financial calculator but your template does a nicer job of presenting it I’d say :3 And it’s a nice choice of colors! Considering the color pallet of your dual monitor setup, it’s definitely cohesive ^-^ Any chance of an apartment tour some time in the future? :p
oke I have 2 questions if i may: 1 how can i change the currency from dollar to euro? 2 i have my mortgage for a few years now should i start with that date? i also have a 30 year plan. i think i should in order to see the full plan but just to be sure ;-)
Thanks for your video. It is very helpful in showing people how they can save money over time on the interest that one will pay if they just stick to the standard payment and run the full 30 years. One thing to add about making extra payments. Many try to make one extra payment a year similar to your example of making that $5k payment for your bonus. However it is better to make an extra payment each month if possible instead of just one large payment once a year. It can be seen in your spreadsheet example. If you were to divide the $5k over 12 months that would work out to be $416.67/month. If I took and started paying that amount per month for the first 12 months I would see a savings of $6,994.70 in interest payments. However If I put the $5000 down on the 12th month I only see a savings of $6,832.22. That is an additional savings of $162.48. This is the benefit of making an extra payment each month against the principle. This drops the amount of interest you have to pay and it keeps reducing that principal more quickly I did this exercise on my first mortgage using a spreadsheet similar to what you put together but it was much more crude.
damn I bought a house earlier this year and I did my own mortgage calculator sheet, but after watching this video realizing how primitive my sheet was haha, needs an adjustable/LPR base video urgently Jeff, your video always creates great value in my life.
Hahaha well 80% of the value from calculators are just the monthly payment aspect, since that basically tells you whether you can afford the mortgage. Will do the variable rate one down the line 😁
I'm on line 10 and putting your formula in Interest column. It continues giving me a % figure which is doesn't make sense. (24525.00%) instead of the interest amount. What am I doing wrong?
This is just brilliant. I needed something like this. I would really like to vote for variable rates too... It has been 2 years now with fixed and recently had to fight with the bank to get a decent deal considering the inflation. So payments (rates) change from October.
Just watched your video, and I already subscribed to your channel. Great tutorial, Easy to understand even for a beginner level. But it was a tad too fast for me. OK. I did not watch Ali's video. But when I put the numbers he used, I got the same PMT$8485.24. Is it correct or wrong?
@@JeffSu @Jeff Su you paid 5.000 extra over 10 years (50k) to save 53k and finish the loan 5 years earlier. If you ask for 450k, and use 5k annually as you illustrated, you will save 25k and finish the loan 4 years earlier 😉 you would need to spend your annual bonus.
Such a great video. I love how you taught us all of the PMT formulas. I didn't know how to use them before. Random question for you. Is there a way to have the sheet auto-remove all the rows at the bottom once the balance hits $0? I'm guessing this ties into the MIN/MAX functionality or an IF=$0/THAN stop populating rows below formula with an extra step.
Hey Jeff, Great video as always! Just quick note that when dividing the percent by 12 it's not very accurate - for better results add 1 (for 103.3%) and root the number of months (or add to the power of 1/12) and then subtract 1. I know it's a bit complicated at first, so maybe that's why you made it simpler :) Keep up the great work!😁😁
@@JeffSu Haha nice. I added a COUNTIF formula to count the number of cells between c10 and c369 that contain a value greater than 0. Now when I change the extra payments I can see how many months the payment(s) remove
Sorry not sure what you mean there, I make monthly mortgage payments on a variable rate mortgage (although this video is for a fixed-rate mortgage). Yes it does take into compound interest
@@JeffSu Hey Jeff, I used the PMT function on the BA II Plus financial calculator. I understand P/Y value must be set to 12 as payment frequency is monthly. But I thought mortgages are compounded semi-annually which would require C/Y value to be 2. If you are unfamiliar with financial calculators, I apologize. Here is the calculation I used: 2nd FN, P/Y set to 12 2nd FN, C/Y set to 2 (semi annually) N = 360 I/Y = 3.30 PV = -400,000 (to result in positive) FV = 0 CPT PMT = 1,746.877 My question is do mortgages use simple interest or compound interest calculations? Simple interest only charges interest on the remaining principal amount while compound interest charges on both remaining principal and accumulated interest amounts. This video appears to be simple interest with no compounding frequency. But I thought mortgages have a semi-annual compounding frequency?
@@JeffSu Another thing I would like to understand is how the portion of interest and portion of principal are divided. If my first few mortgage payments are 80% interest and 20% principal, won't that result in me paying more interest over-time as simple interest calculations are based on remaining balance of principal?
Here in the U.S, almost all mortgages are compounded monthly. It would be nice if it's compounded semi-annually. We would save a lot of money in interest!
@@JeffSu thanks! But I've a q regarding amortisation. Bank uses daily interest rate to calculate the interest for the given month. And interest rate changes multiple times in a month. Is there a workaround to this? I mean can i automate this in excel or python somehow? Also, the bank substract the whole payment from the closing balance and add interest rate and transaction cost for the upcoming month. Which is really odd tbh. I can provide you with the all the data if need to be. Thanks in advance.
Thank you Kristian, it feels weird but satisfying at the same time! Other than mortgage calculations I'm assuming you use Google Sheets for expense and savings tracking as well?
it's gorgeous. just try to understand how I can do work with variable monthly payment, but this spread is unbelievable simple as well unbelievable amazing.
@@JeffSu no 😂 but I have option for my loan (not mortgage) when I pay extra money for one month, I can reduce my monthly payment for the next period. but the idea is very similar to the one you presented in video.
Can you help me figure out how the bank calculates my payment. I can't figure it out. I borrowed 5017.85 at 19.495 apr, 84 payments, i got the money on 9/8/23 , payments due each 20th with first payment made on 10/20/23 , last on 9/20/30. THey say my payment is 110.62, i can not figure it out. Please help. One thing i noticed is 84 payments could be 83 periods ... not sure how this figures. THanks cp
is there a quick way to check and ascertain if making an upfront payment during origination of the loan (say 20% down-payment) is better vs. paying the same amount, in 4 equal installments in Extra Payments?
Hey Avinash! Good question - This calculator doesn't take into account the down payment, since that by default wouldn't be part of the principal if that makes sense. Basically you would just compare a lower principal loan amount (aka after making the down payment) vs. a higher loan amount but paying it back in extra payments.
Hey mate, excellent video. I was hoping you can help with calculating refinancing to a new home loan considering the following: Refinance offer 1: Loan amount: $550k interest rate 5.04% cashback $4000 once off fee $250 ongoing annual fee $250 100% full offset account with starting balance at $80k Refinance offer 2: Loan amount: $550k interest rate 5.03% cashback $2000 once off fee $0 ongoing annual fee $0 100% full offset account with starting balance at $80k Which refinance offer will be provide the best savings?
@@JeffSu It's not as convenient as your sheet. It allows me to make hypothetical changes such as more monthly payment/a lumpsum payment, and see how that impacts the payout schedule
@JeffSu yes this gave me anxiety... adulting stinks. Let's couple high interest rates and sellers asking for what can only be considered incomprehensible greed. It's bad, all bad lol
Instead of the additional $5k payments towards your mortgage - consider taking that money and instead investing it in S&P500. At an average return of 10% a year, after 30 years your $50k will be $270k.
@@JeffSu I know that I mean how it’s it calculated onto the 400,000 because it’s doesn’t seem like it’s a lump sum percent rate because 3.3% of 400,000 does not equal to 230,000 so how do the implement this 3.3% in the equation the amounts to you paying over half or the value of the loan more back to the bank
Hands up if this video gave you even more adulting anxiety 🙋🏻
TIMESTAMPS
00:00 How to Calculate Monthly Payments
00:33 Intro to Mortgage Calculator Template
00:58 Monthly Payment for Fixed-Rate Loan
02:33 Calculate Monthly Interest Payments
04:55 Double Check Your Calculations
05:49 How Interest Rate affects Total Interest
06:17 How Extra Payments affect Total Interest
07:05 Pro Tips for this Mortgage Calculator
🙋♂
@@JosePacheco-js7wn 😂😂
The template is not found on Google sheets
@@xyrusbuchanan7522 which link did you use?
I clicked the link on the website
Jeff after my parents spending 30 minutes trying to explain it and me not getting it. I found your video and now teaching them 👏🏻 cheers mate
Glad to hear it my friend 😁
Hey Jeff, I haven't read all the comments (someone probably already pointed this out) but you verbally added Total Interest to calculate Total Principal in the second row for Total Principal. But the formula you entered was correct. Great service you're providing to home buyers! As a retired investment banker who joined his wife as a Realtor, I used to use Excel all the time, but have had relatively little need over the last 20 years. I say this to say you are not only helping home buyers, you're also helping an old dog like me save the mental energy needed to figure out how I would lay this out for my potential clients. Hat tip to you, and just so you know, and I would be glad if you beat me to the punch, we need to create a spreadsheet that goes the next step and can compare the real economic consequences of the 3 different scenarios (payment options) the lender offers after our offer to the seller has been accepted, including different interest rate buy-downs. Peace, --N
Glad to see you vouch for this 😁
Great video! Trying to teach my young children how loans work before they're adults
That's an excellent idea
Super useful. Thanks 👍
You're very welcome 😁
Hi Jeff, thank you for this excellent video. I wanted to ask you if, when making extra payments, the monthly payment should decrease or if it always stays the same?
Depends on your contract with your bank (some might decrease monthly payments, others would decrease the time frame)
@@JeffSu thank you 🤙🏼
thanks. Monthly interest is (1 + Ann rate) ^ (1/12) -1 . It is very close to the Ann rate / 12 but here it is causing your monthly payment to be $10 more than it needs to be :)
Oh great point!! 😁
the difference is just so minuscule that most banks will just divide by 12
Maaan you are make us more rich for free. Hope everybody can see that. Big hug and thank you so much.
I hope so too 😇
Did you ever make the video on variable rates? I want to track my mortgage like you showed but the interest rate keeps going up randomly in South Africa.
Not yet!
@@JeffSuneed one with variable rate pls 😭😭 my country doesn’t offer fixed rate mortgage🫠
Did you ever get around to make the "adjustable rate" video?
Not yet! Too many ideas in the pipeline, and I just recovered from Covid 🤒
@@JeffSu ah! Take your time coming back for Covid. For some, long covid is no joke.
Thanks!
No, thank YOU my friend 😁
Jeff you are a master at your craft
I'd like to think so 😏
This is the video that solved it for me. Great stuff!
No problem 😁
Amazing video, learned so much and learned more about excel on top of that. Thank you so much!!
Thanks so much Kristie! Glad to hear it 😁
Google sheets*
absolutely excellent Mr. Jeff Su. Thanks 🙏
You're very welcome 😁
Are you able to also include a down payment in this format? or is this more so taking the account of just the loan it self?
Technically you can just add an extra payment in the first month but yes this is mainly for the loan
@@JeffSu when you do the extra payment for the mortgage, do you have to let the loaner know that you’re paying towards the principal? Or should that be a known thing?
Thank you for taking the time out of your busy schedule to reply as well!
@@123puppo Yes you definitely need to let the loaner know!
Jeff, can you please do a video on how to create the same spreadsheet for a variable rate mortgage?
I might in the future!
hi Jeff, thank you very much for the assistance. much appreciated. Hey Jeff, I need a copy of this template to follow through. thanks
It's in the description
Great video. Download link for template doesn’t seem to be working. Not to worry tho you video was very clear and I have followed along to create my own version. Thank you! Now to work out the benefits overpaying will have for me 😅
Which link are you using?
Jeff, this is awesome. Love it. Very easy to understand. One question, what if it's base on a variable rate instead of fixed? let's say 2 years in, rate increases and 3 years in, rate reduces. How to adjust accordingly?
WELL DONE JEFF!!!
Thanks!!!!
I like the word you said " Automagically" calculated.👍😀
Hahaha thank you! Hopefully you like the rest of the video too 😂
Great video thanks. Trying to create the doc from scratch but my laptop wont lock in a value (FN+ the interest rate)... any advice? thanks in advance
No worries all good .. thanks for a very useful piece of kit
Sorry mate, just saw this! Glad it worked out! What was the problem?
Great video ! Your example has 1 mortgage payment every month, I would like to know what to do if My mortgage payments are bi-wekly , 26 payments / year ? Thank you !!
You'd simply change the frequency
In a scenario where a loan is paid off early with extra payments applied to the principal (inconsistent times), do you know how to calculate the interest rate (not amount) paid after the loan is paid off?
For example, if the term of the loan is 60 months with an interest rate of 6%, but someone paid it off in 50 months?
This has proven difficult to find the answer to so any help is greatly appreciated.
But if you got a fixed interest rate loan, the interest rate won't change
You’re assuming the mortgage compounds monthly… does it?
You mean the interest?
Jeff entering the personal finance space I see 👀
Congrats on the apartment by the way! I love your interior! It looks very minimalistic :>
Hahahaha just wanted to share an essential life skill I wish I had learned in college LOL. And thank you! I picked out the colors myself 😁
I agree that it’s essential to know this stuff! It’s definitely eye opening and really emphasizes how major the effect of a 1% increase in rates is 😅 Gotta always negotiate down!
As a finance major, I was taught to calculate this using the good ol’ BA II Plus financial calculator but your template does a nicer job of presenting it I’d say :3
And it’s a nice choice of colors! Considering the color pallet of your dual monitor setup, it’s definitely cohesive ^-^ Any chance of an apartment tour some time in the future? :p
Thanks Jeff. Your video and format is excellent! Would love an adjustable rate calculator too please....
No problem 😁
Great Video! Really appreciate it.
Thank you 😁
Hey Jeff, l can't find the link. l need a copy of this template to follow through. Thank you.
It's in the description
oke I have 2 questions if i may: 1 how can i change the currency from dollar to euro? 2 i have my mortgage for a few years now should i start with that date? i also have a 30 year plan. i think i should in order to see the full plan but just to be sure ;-)
1. Currency option is in the menu bar
2. You should start with your mortgage start date yes!
Great video, just what I needed! Thank you very much!
You're very welcome 😁
Thank you so much for this video. It was very instructive.
You're very welcome Shannon!! 😁
Is it possible to set this up in a bi-weekly payment plan?
Thanks for your video. It is very helpful in showing people how they can save money over time on the interest that one will pay if they just stick to the standard payment and run the full 30 years. One thing to add about making extra payments. Many try to make one extra payment a year similar to your example of making that $5k payment for your bonus. However it is better to make an extra payment each month if possible instead of just one large payment once a year. It can be seen in your spreadsheet example. If you were to divide the $5k over 12 months that would work out to be $416.67/month. If I took and started paying that amount per month for the first 12 months I would see a savings of $6,994.70 in interest payments. However If I put the $5000 down on the 12th month I only see a savings of $6,832.22. That is an additional savings of $162.48. This is the benefit of making an extra payment each month against the principle. This drops the amount of interest you have to pay and it keeps reducing that principal more quickly I did this exercise on my first mortgage using a spreadsheet similar to what you put together but it was much more crude.
Thanks for adding on!!
how do you set up the adjustable Mortgage Calc
I might talk about that in a future video!
PMT is a badass formula !
It is! Super super powerful 😁
damn I bought a house earlier this year and I did my own mortgage calculator sheet, but after watching this video realizing how primitive my sheet was haha, needs an adjustable/LPR base video urgently Jeff, your video always creates great value in my life.
Hahaha well 80% of the value from calculators are just the monthly payment aspect, since that basically tells you whether you can afford the mortgage. Will do the variable rate one down the line 😁
I'm on line 10 and putting your formula in Interest column. It continues giving me a % figure which is doesn't make sense. (24525.00%) instead of the interest amount. What am I doing wrong?
You need to change the cell formatting to percentage :)
Boosted my productivity level by 932% bro
Not 933%?
This is just brilliant. I needed something like this. I would really like to vote for variable rates too... It has been 2 years now with fixed and recently had to fight with the bank to get a decent deal considering the inflation. So payments (rates) change from October.
How much are they increasing your rate Vivian?
Haha, loving the humor
Thanks Bog! 😂 I'm planning to do another Mac apps video soon! Hope you're doing well!
@@JeffSu I'm doing great!, Thanks for asking. Alright you've convinced me to turn on notifications xd
Just watched your video, and I already subscribed to your channel. Great tutorial, Easy to understand even for a beginner level. But it was a tad too fast for me. OK. I did not watch Ali's video. But when I put the numbers he used, I got the same PMT$8485.24. Is it correct or wrong?
It's correct!
What if you ask for more just to make extra high payments?
Wait what 😅
@@JeffSu @Jeff Su you paid 5.000 extra over 10 years (50k) to save 53k and finish the loan 5 years earlier. If you ask for 450k, and use 5k annually as you illustrated, you will save 25k and finish the loan 4 years earlier 😉 you would need to spend your annual bonus.
Such a great video. I love how you taught us all of the PMT formulas. I didn't know how to use them before. Random question for you. Is there a way to have the sheet auto-remove all the rows at the bottom once the balance hits $0? I'm guessing this ties into the MIN/MAX functionality or an IF=$0/THAN stop populating rows below formula with an extra step.
Yea I'm not sure Timothy 😂. Let me know if you ever find out!
Did you ever make a Adjustable rate video?
Not yet!
thx jeff for this!
You're very welcome David 😁
Hey Jeff,
Great video as always!
Just quick note that when dividing the percent by 12 it's not very accurate - for better results add 1 (for 103.3%) and root the number of months (or add to the power of 1/12) and then subtract 1. I know it's a bit complicated at first, so maybe that's why you made it simpler :)
Keep up the great work!😁😁
Hi Dennis! Yes thank you for this feedback! I didn't want to dive into all the equations and math and just let the PMT formula do its thing 😂
Isn’t 3.3% semi annual rate? You first need to calculate the effective annual rate then calculate the monthly rate
Is there a specific reason why I can’t edit the template after downloading?
Are you logged into your Google account? After you make a copy you should be able to edit your copy directly Annamarie :)
This was an amazing video! I needed this spreadsheet! Thank you Jeff!
Nice! Are you taking out a mortgage too??
@@JeffSu yes, planning on moving soon!
Hey do you know a way for an 2 way sync between Outlook and google ?
What are you trying to achieve?
Any easy way to see how many months youve taken off your loan term with making extra payments?
Sure, just scroll down haha
@@JeffSu Haha nice. I added a COUNTIF formula to count the number of cells between c10 and c369 that contain a value greater than 0. Now when I change the extra payments I can see how many months the payment(s) remove
@@Ryan-uk8kz that’s way smarter than my idea 😂
I thought Mortage compounding frequency was semi-annually? Does this take into account compound interest?
Sorry not sure what you mean there, I make monthly mortgage payments on a variable rate mortgage (although this video is for a fixed-rate mortgage). Yes it does take into compound interest
@@JeffSu Hey Jeff, I used the PMT function on the BA II Plus financial calculator. I understand P/Y value must be set to 12 as payment frequency is monthly. But I thought mortgages are compounded semi-annually which would require C/Y value to be 2. If you are unfamiliar with financial calculators, I apologize.
Here is the calculation I used:
2nd FN, P/Y set to 12
2nd FN, C/Y set to 2 (semi annually)
N = 360
I/Y = 3.30
PV = -400,000 (to result in positive)
FV = 0
CPT PMT = 1,746.877
My question is do mortgages use simple interest or compound interest calculations?
Simple interest only charges interest on the remaining principal amount while compound interest charges on both remaining principal and accumulated interest amounts.
This video appears to be simple interest with no compounding frequency. But I thought mortgages have a semi-annual compounding frequency?
@@JeffSu Another thing I would like to understand is how the portion of interest and portion of principal are divided. If my first few mortgage payments are 80% interest and 20% principal, won't that result in me paying more interest over-time as simple interest calculations are based on remaining balance of principal?
Here in the U.S, almost all mortgages are compounded monthly. It would be nice if it's compounded semi-annually. We would save a lot of money in interest!
great video Jeff, this is amazing! congrats for the new house ownership phase! :D
Thank you!!! Now I have to be mentally prepared for 20+ years in debt 😅
Can you share the adjustable mortgage calculator too. That would be useful.
Will do in a future video 😁
Can you do one with variable rates?
I might do one in the future!
@@JeffSu thanks! But I've a q regarding amortisation. Bank uses daily interest rate to calculate the interest for the given month. And interest rate changes multiple times in a month. Is there a workaround to this? I mean can i automate this in excel or python somehow? Also, the bank substract the whole payment from the closing balance and add interest rate and transaction cost for the upcoming month. Which is really odd tbh. I can provide you with the all the data if need to be. Thanks in advance.
How do you access it? for some reason, I couldn't open it
The link? you should be able to make a copy directly after signing into your google account
It’s awesome , thx 👏🏻
You're very welcome my friend 😁
This is super useful! Thank you Jeff!
You're very welcome 😁
Genius ❤thank you 😊
You're very welcome 😁
you killed it with this video. really well explained.
Thank you Percy! I'm glad I didn't make a mistake tbh 😂
Would love an adjustable rate calculator!
Thanks for letting me know! 😁
කඩවත❤
🎉
The adjustable-rate one, please :) also it will be interesting to share details around the negotiating with the bank. Thank you
Gotcha, will do down the line 😁
Nice work and congrats on becoming a home owner!
My wife and I have (in january 2023) been keeping our financials in google sheets for 10 years :O
Thank you Kristian, it feels weird but satisfying at the same time!
Other than mortgage calculations I'm assuming you use Google Sheets for expense and savings tracking as well?
@@JeffSu Startet out weith just Expenses and savings, but morphed into so much more.
Great tutorial.
Thank you!
Great video!
Thank you my friend! 😁
it's gorgeous. just try to understand how I can do work with variable monthly payment, but this spread is unbelievable simple as well unbelievable amazing.
Thank you Misha! Wait your interest rate changes month-by-month?
@@JeffSu no 😂 but I have option for my loan (not mortgage) when I pay extra money for one month, I can reduce my monthly payment for the next period. but the idea is very similar to the one you presented in video.
@@misha.6634 ahhhhhh got it
Can you help me figure out how the bank calculates my payment. I can't figure it out. I borrowed 5017.85 at 19.495 apr, 84 payments, i got the money on 9/8/23 , payments due each 20th with first payment made on 10/20/23 , last on 9/20/30. THey say my payment is 110.62, i can not figure it out. Please help. One thing i noticed is 84 payments could be 83 periods ... not sure how this figures. THanks cp
there is the formula. Just google Amortization formula. Or just google Amortization calculator and plug in the numbers.
Amazing added value for your community. Thx alot! ;-)
Glad to hear it!! You're very welcome!
Yeah, it would be nice to get an adjustable interest calculator as my country does not offer fixed rate mortgages 🙏
Gotcha, thanks for letting me know Benas!
awesome videos
Thank you Joe!
I'm surprised this video does not have many more views
I know right?
Jeff, would love to see the adjustable mortgage calculator
Gotcha, thanks for letting me know!
The free download is no longer available.
I just checked, the link still works!
@@JeffSu interesting it did not open for me.
@@R0yalBeauty77 are you using chrome
@@JeffSu Yes and then I tried Edge with no success
@@R0yalBeauty77 Are you logged into Google?
is there a quick way to check and ascertain if making an upfront payment during origination of the loan (say 20% down-payment) is better vs. paying the same amount, in 4 equal installments in Extra Payments?
Hey Avinash! Good question - This calculator doesn't take into account the down payment, since that by default wouldn't be part of the principal if that makes sense. Basically you would just compare a lower principal loan amount (aka after making the down payment) vs. a higher loan amount but paying it back in extra payments.
Yo, thank you for helping me find my monthly payment for my imaginary house. 😂 thanks for real. One day, one day.
No problem! Here's an imaginary high five as well 😆
You sitting and waiting for this one: the notion template is on the way 😅
LOL nahhhhhh 😂
@@JeffSu hmm was worth the effort 🤣🤣🤣🤣. Still gonna use this so thanks brotha 👊🏽
Thank you so much.
You're very welcome Melody 😁
Nice 👍🏼
Thank you José 😁
Jeff, what about if you have an offset account and your repayments are fortnightly haha. I can’t figure out how to factor that in 😂
So instead of monthly, it's every 2 weeks right? So basically 30 years * 12 months * 2, so that's 720 payment periods instead of 360. Hope that helps!
Thank you
You're very welcome!
Thank you. Great video. It is very useful
Glad to hear it! I wish I had known about some of these concepts wayyyy earlier in life haha
Maybe you could include other important fields:
- home insurance
- HOA (for those who have it)
They would reflect a more accurate monthly payment.
Great points Kenji!
Awesome video, new to the channel, how do you edit the Excel Sheet? It only lets me view it but not edit
Make a copy directly :)
Hi Jeff Como estas, Very interesting Video, thanks
You're very welcome Edwin 😁
great information but for a novice that video was explained at a level that reminded me of calculus in college :(
Sooooo too hard or too easy?
@@JeffSu too complicated and gone over too fast! Need to slow down the demonstration :)
@@timpiepho2181 Gotcha
Big up to you and thanks 😊 🙏🏾 you. I flexible rate spreadsheet would be amazing 👏.
Got it, thanks for letting me know Ola 😁
still in shanghai?
For now haha
Hey mate, excellent video. I was hoping you can help with calculating refinancing to a new home loan considering the following:
Refinance offer 1:
Loan amount: $550k
interest rate 5.04%
cashback $4000
once off fee $250
ongoing annual fee $250
100% full offset account with starting balance at $80k
Refinance offer 2:
Loan amount: $550k
interest rate 5.03%
cashback $2000
once off fee $0
ongoing annual fee $0
100% full offset account with starting balance at $80k
Which refinance offer will be provide the best savings?
My mortgage bank has these features in their website
It's a plug and play calculator right? It might not show all the monthly payments and the breakdown between interest and principal? 😅
@@JeffSu It's not as convenient as your sheet. It allows me to make hypothetical changes such as more monthly payment/a lumpsum payment, and see how that impacts the payout schedule
@@mentalflow Got it, glad to hear this spreadsheet is still slightly useful 😅
Formula please.
You can make a copy of the spreadsheet Eddie, it's linked in the description 😁
Good
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Meken passe mokadda karanna ona
what does that mean?
Not full story. Need to add taxes and insurance.. all calculated in monthly payment
Yea this is just the mortgage portion haha
@JeffSu yes this gave me anxiety... adulting stinks. Let's couple high interest rates and sellers asking for what can only be considered incomprehensible greed. It's bad, all bad lol
Instead of the additional $5k payments towards your mortgage - consider taking that money and instead investing it in S&P500. At an average return of 10% a year, after 30 years your $50k will be $270k.
Wouldn't it be closer to $600,00 after 30 years?
@@thecreativespreadsheet4180 I'm not sure! Probably, I just got confused with the math haha
@@YianniAP Haha fair enough. Still a good point regardless
This is a GREAT point!!! I totally forgot to take opportunity cost into account!
You mean 600,000 right? 😁
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Nah I just searched for it on Canva!
But that’s crazy cause if he were to make his regular payments month to month he would have paid $630,000 for a $400,000 house and ion like that
The horrors of interest rates 😂
@@JeffSu how is the interest rate calculated to give that amount
@@roj30001 It's given from the bank
@@JeffSu I know that I mean how it’s it calculated onto the 400,000 because it’s doesn’t seem like it’s a lump sum percent rate because 3.3% of 400,000 does not equal to 230,000 so how do the implement this 3.3% in the equation the amounts to you paying over half or the value of the loan more back to the bank
yes. Banks are greedy! that's how they make money.
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