Amortization.....

Goose · Mar 16, 2017

Does anyone know of a good source of an amortization table on the Internet?

Used to be, you could find tables on the 'Net with no strings attached, nowadays if you Google "Amortization Table" all you get is a whole bunch of companies wanting to give you a loan along with it. My alternative is to drive 25 miles to Barnes & Noble and buy a book.

We're refinancing our house to cut the interest rate significantly, going from a 30 year mortgage to a 20 year, and tacking enough on to put new siding on the house. Wells Fargo has given me an interest rate and a payment figure, but I just like to play with numbers myself.

Hoenes · Mar 16, 2017

Be careful about adding on the siding amount. If you take that amount, and figure interest on it for 20 years, you'll probably pay for your siding 3 times over. Might want to go a different route if you can.

Larry EC-OH · Mar 16, 2017

While you are at it, calculate the rate and payment for 15 years as well. Often the lower interest rate at 15 years vs 20 years will make the monthly payment almost the same.

The amount of interest saved is significant.

Larry

RobCons · Mar 16, 2017

Try Bankrate.com. Last time I used it no loan sells pitch or registration.

Larry EC-OH · Mar 16, 2017

Sorry,

I should have mentioned that if you have Excel, there is a mortgage calculator with amortization tables as a template under financial planning.

There are also many other calculators that I use all the time.

Larry

Dave H (MI) · Mar 16, 2017

I'm not clear if you are looking for an amortization program that gives you loan schedules or if you are looking for the table of factors that you use to determine the present or future values of an annuity. If you have the actual table and know how to use it, you can come up with a payment amount for any loan at any term. Programs are more interesting because you easily plug in extra large payments and balloons, etc.

I would second the suggestion that you not amortize siding over 20 years. Find a shorter term loan for the siding or it will be a very expensive remodel before you are done paying it off.

coonie minnie · Mar 16, 2017

You might try to google "finacial calculator".

Goose · Mar 16, 2017

I've been thinking on that.

MarkB_MI · Mar 16, 2017

Any spreadsheet program has a function for calculating payments. In Excel it's "PMT". As I recall, for monthly payments you need to convert the annual interest rate to a monthly rate (i.e. divide it by 12).

I prefer to use an amortization table book for "what if" scenarios, although spreadsheets work just fine. My amortization table book is so old it doesn't have any rates below five percent!

Pair-a-dice farm · Mar 16, 2017

I've used bankrate.com some. My local bank has an online ]amortization chart. I 2nd checking into a 15 year note. Sometimes the payment is just a few dollars more and the interest rate may be less.

caterpillar guy · Mar 16, 2017

Why not just refinance for the house at a lower interest rate for the 30 years. Then put an extra bit on and it will go away like a 15 year rate without the nonsense. If something should happen you can't make the higher 15 year payment you can just make the regular one for the 30.

edj856 · Mar 16, 2017

Try here. Lots of excel templates. This amortization table also calculates extra principal payments.
Vertex42

Goose · Mar 16, 2017

Thanks for the responses. I'll try some of them.

jimg.allentown · Mar 16, 2017

In my opinion, 30 year mortgages should be outlawed.
After paying for 10 years on a 30 year mortgage, you still owe as much as you did 10 years ago.
At least with a 15 or 20 year mortgage, you begin building equity much sooner.

MarkB_MI · Mar 16, 2017

> Why not just refinance for the house at a lower interest rate for the 30 years.

15 year mortgages usually have lower interest rates than 30 year loans.

Amortization.....

Goose

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Hoenes

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Larry EC-OH

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RobCons

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Larry EC-OH

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Dave H (MI)

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coonie minnie

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Goose

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Pair-a-dice farm

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caterpillar guy

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edj856

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