Loan Amortization Schedule Excel With Deferred Payments In Maryland
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Even a single extra payment made each year can reduce the amount of interest and shorten the amortization, as long as the payment goes toward the principal and not the interest. Just make sure your lender processes the payment this way.
You can ask your lender for an amortization schedule, but this might not be as helpful if you're looking to see how extra payments could impact that schedule.
If you prepay your mortgage you reduce the principal balance, reducing the interest due next month and every month forward. If you prepay $1000 on your mortgage, the interest next month will be reduced by 10003.7%/12=3.08 You will still make the same payment, but an additional 3.083 will be credited toward principal.
You can ask your lender for an amortization schedule, but this might not be as helpful if you're looking to see how extra payments could impact that schedule.
