Anyone know a tool for amortization schedule to date with a preset amount of additional principal payment. All that I've been able to find seem to provide information based on a new loan (15 yrs) and using the current balance (mid loan) has not resulted in the correct principal amount monthly. Mid loan calculations does not seem to work with preset loan terms.
My lender use to provide this but no longer. I re-fi'd my home a few years ago for 15 years when that tool was provided. It provided a payoff date based on the set additional principal I was paying and planned to continue paying. I've decided to change that and would like to recalculate (as often as needed) based on current balance and new additional principal I plan to pay going forward. May change again. Not sure how to manually calculate but if you have a formula, I can apply.
Bottom line I may not pay the same additional amount each month and would like to know forecast a payoff date which i can't currently do.
Note ~ Different Institutions change the number of days in a year and days in a month.
Numbers should be close, sometimes off by a few cents.
Can play with days too match your bank.CU/etc
This formula is for monthly payments, not every two weeks
This would be first two payments, replace loan amount with new balance and calculate again
This is the math in a program that calculates until paid or set time frame is reached.
Thank you @Kforce . I will try this tomorrow. I too wish we could share more than pics 
@Anonymous , where can I locate this in excel?
@Trudy wrote:Anyone know a tool for amortization schedule to date with a preset amount of additional principal payment. All that I've been able to find seem to provide information based on a new loan (15 yrs) and using the current balance (mid loan) has not resulted in the correct principal amount monthly. Mid loan calculations does not seem to work with preset loan terms.
My lender use to provide this but no longer. I re-fi'd my home a few years ago for 15 years when that tool was provided. It provided a payoff date based on the set additional principal I was paying and planned to continue paying. I've decided to change that and would like to recalculate (as often as needed) based on current balance and new additional principal I plan to pay going forward. May change again. Not sure how to manually calculate but if you have a formula, I can apply.
Bottom line I may not pay the same additional amount each month and would like to know forecast a payoff date which i can't currently do.
I would just use one of the myriad free online amortization tools, input the present payoff balance as the principal, the interest rate, and the number of years later in which you would like to pay it off.
@Trudy wrote:Thank you @Kforce . I will try this tomorrow. I too wish we could share more than pics
@Anonymous , where can I locate this in excel?
I have Excel 2016. If you click New (to create a new workbook), you'll see a list of templates you can use to start your new workbook. Loan amortization schedule should be on that list. If it isn't, use the search box to find and download it.
I think this covers what you were asking for, it's what I made for my school loans.
For me, it was assuming I increased the minimum to $1k after a while, then started including car payment once that was finished off.
as of 1/1/23
