The Extra Principal Payment Tool lets you see the dramatic effect of paying down the loan sooner. Be aware however, that this tool changes the entire outcome of the model. Your entry here is linked to the engine that calculates loan payments and balances. Feel free to experiment with this feature but be advised that if you forget to zero out this entry - you'll see some unexpected results in the Cash flow analysis.
 Extra Payment Amount
Enter the amount of the extra principal payment you want to make in this cell.
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 Number of Months
Enter the duration of the payments in months. For example, if you want to make the extra payments for 2 years, enter 24.
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 Starting Date
Enter the starting date for making the additional payments. In this example, we've set up $1,000 per month in extra principal payments, for a term of 6 months, beginning on 9/01/09. The model calculates the ending date for these payments automatically.
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