Author Topic: 7 year loan schedule question  (Read 758 times)

Rollin

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7 year loan schedule question
« on: July 26, 2016, 07:47:31 AM »
I'm trying to structure something between a balloon mortgage and a standard mortgage. However, I do not want to "restart" the mortgage payments after each lump sum principal payment and that is the only type of spreadsheet or amortization schedule I can find online. Do any of you have a suggestion, or can you link me to a site that will help me put together an amortization schedule with multiple lump sums?

To help illustrate the question, here are the terms:

173,000 original loan amount
20,000 down
153,000 principal to be loaned, at 6% amortized over 20 years

In addition to typical monthly mortgage payments there will be three lump sums: one in year 5 (~$30K), one in year 6 (~30K), and the final amount in year 7 (~70K).


Lucas

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Re: 7 year loan schedule question
« Reply #1 on: July 26, 2016, 09:19:19 AM »
Just threw this spreadsheet together for you.  It lets you set the Original loan, interest, and term, along with any custom extra principal payments at any period along the way to see the effect on total payments, interest, etc . . . hope this helps. 

Rollin

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Re: 7 year loan schedule question
« Reply #2 on: July 26, 2016, 11:12:06 AM »
Just threw this spreadsheet together for you.  It lets you set the Original loan, interest, and term, along with any custom extra principal payments at any period along the way to see the effect on total payments, interest, etc . . . hope this helps.

You know, if I had to pay for all the help that I get from people like you I probably couldn't RE!

Thank you!

Lucas

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Re: 7 year loan schedule question
« Reply #3 on: July 26, 2016, 11:26:41 AM »
No problem!  Pay it forward to others when you can :-)