Mortgage Payoff Spreadsheet With Extra Payment Scenarios
Model extra mortgage payments in a spreadsheet and compare payoff dates and total interest across scenarios, with a clear comparison table.
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Design a mortgage payoff comparison spreadsheet for me. Current balance [CURRENT_BALANCE], interest rate [INTEREST_RATE], remaining term [REMAINING_YEARS] years, current monthly payment [CURRENT_PAYMENT], extra payment ideas to test: [EXTRA_PAYMENT_OPTIONS], one-off lump sum I might add: [LUMP_SUM] in month [LUMP_SUM_MONTH]. App: [SPREADSHEET_APP]. Provide: 1. A layout with an inputs block and one schedule tab per scenario (or one tab with scenario columns) and the formulas to paste, using clear cell references. 2. A comparison table with columns Scenario, Monthly extra, Months to payoff, Payoff date, Total interest, Interest saved vs baseline, Total paid. 3. A chart suggestion (balance over time for each scenario) with the data range to select. 4. A monthly formula that stops when the balance hits zero so the schedule does not go negative. 5. A note on checking my lender's rules about extra payments, prepayment penalties and how extra payments are applied. Mark that entire part [VERIFY]; it is information, not financial advice. Show the arithmetic for the first month of the baseline and the first month of one extra payment scenario. Do not recommend which option to pick; list the trade-offs (liquidity, emergency fund, other debts) in a short neutral paragraph. Do not assume my loan has fixed rates or monthly compounding unless I say so.
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