Mortgage Refinance Tools: Side By Side Amortization Schedule On Excel
Understanding Amortization Will Help You Determine Your Savings
Interest rates are all over the news of being at all time record lows. Yet there are still plenty of people who qualify for refinancing but refuse to take the plunge.
Some people say they simply plan to pay more each month or just do not think there is enough incentive to refinance. Our amortization schedule will show you how your principal balance of your home loan decreases over time as you make payments. It shows you exactly how much of each payment is going towards the principal balance and how much is going to interest.
You can use this tool to compare your current home loan with a potential new loan to see how much money you will save by refinancing.
To start, download our easy to use amortization tool on our download page. In the excel file, you will see two regions: a yellow area in the top left that represents your current loan and a green area that represents your new loan. Enter your current loan term length, interest rate, original loan amount and current remaining balance in the yellow section. Then, choose your new loan term length and enter a new interest rate in the green section.
The black box in the middle will then show your overall total savings over the life of the loan. You can even scroll down to see how many payments you wouldn’t have to make by paying the loan off quicker. Is this number now enough incentive to refinance?