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).