SAVE $1000s!!! Mortgage Calculator in Excel with Extra Payment | DO IT YOURSELF in 5 Minutes!

Save thousands of dollars with this Excel tutorial! It will help you learn how to make a mortgage calculator by using the PMT function in a spreadsheet like Excel and a secret formula to find the interest saved when you make extra payments to principal every month on a loan. I use a secret formula to find the number of monthly payments. I do it both for a 30 year mortgage and a 5 year car loan. No amortization table is necessary. "Infinite Powers, How Calculus Reveals the Secrets of the Universe", Steven Strogatz: https://amzn.to/3eXEmuA.

SECRET FORMULA!

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How to Use Excel Formulas to Calculate Interest Saved on a Loan | Save 1000s of Dollars!

(0:00) Extra payments on your loan save interest paid
(0:14) Mortgage information: interest rate, term, loan amount
(0:58) Use PMT to find P & I (principal and interest), total payments, and total interest paid
(2:09) Extra monthly payment to principal
(2:49) Secret formula for the new number of monthly payments
(3:30) Excel implementation of secret formula
(4:21) Interest saved
(4:35) Car loan example

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