# Using the Slow Wealth Mortgage Calculator for MS Excel.

##### This takes you through the details of how to use the mortgage calculator to see how making extra payments can pay huge dividends in the long run.

Hi there and welcome to the slow wealth mortgage calculator so i’m just going to take you through how this calculator works and how you can use it to decide whether or not making overpayments on your mortgage might be a good idea so here i have a sample mortgage and you can download the copy of this calculator uh and try it yourself so we have a loan for a 150

000 with an interest rate of four percent and it being a 30-year loan you can change all these things in orange and when your first payment date so i’m going to make this a little bit more recent so we’ll just go ahead and say this will be june 1st 2020. and as you can see there it will adjust the due dates accordingly so with this loan uh what you can see is

How you making extra payments can affect how you use your loan so say you don’t have much extra but maybe you can pull together ten dollars a month let’s go ahead and put that in and you’re starting this at the very beginning of your loan so let’s go ahead and say ten dollars and this will show you in the chart it’ll show you how much earlier you’re paying down

The loan and it’ll also show you your total interest as well as your original interest without making extra payments and then what your savings would be so this case you save over three thousand dollars by just paying an extra ten dollars a month uh so if we made that 20 uh we can double that so it’s starting to look pretty good with just an extra 20 dollars a

Month uh maybe you’ve already paid into your loan a little bit so you can already put this information in and you can set that start date in the past and find out where you are on your payment number so say you are now in 21 payments in so just change the starting payment to 21 and that will adjust it accordingly and you can see what you would do starting where

You are now so i’m just going to reset these back to 1 and 0. now you can also just manually do extra so maybe your ability to pay extra is very variable uh that sounds kind of funny to say but uh so anytime so say here on the seventh payment hey i had an extra hundred dollars this month you put in that hundred dollars and it’ll calculate it so that one payment

There will save you 223 maybe the next month you can only do 25. and as you do that you can see how your progress progresses so you can also see you can just do some experimentation too of what the difference would cost so say you’ve got that this is a four percent at 30 years what would this look like if it was a three percent at 15 now you can see that you can

See that you know your your actual total interest is a lot less than it was on the 30 year but you also have a much higher monthly payment so it may not be something you’re willing to do but maybe you can swing that monthly payment but you don’t want to be tied to it so if you go and you see that’s about a thousand thirty five so if you go back to four percent at

Thirty we only have seven sixteen maybe you can add an extra three hundred dollars a month to that mortgage and but you’re not bound to it so that might be a safer option uh if your mortgage payment is really kind of cutting into what your total income is so if you paid that extra 300 you’d still save a huge amount on the loan you’d be almost as good as actually

Having that that 15-year mortgage and as you can see you nearly cut the mortgage time in half so it’s just a great way to look at what you can do and i hope this calculator is useful to you please comment below if it’s helpful and also any criticisms i might be able to update our calculator and prove it but thank you for listening subscribe and look at the link

In the details to get a place to where you can download the calculator you will need microsoft excel you may work in google docs