This is an awesome tool that can be used by anybody that has a mortgage and wants to see how much they can save in interest by paying extra on the principal over time. You can setup any kind of extra repayment scheme that fits your personal budget and the model can handle it elegantly.
The calculator is available in Google Sheets and Excel (both available after purchase). The primary output is a comparison analysis showing the number of payments saved (time) and the total interest saved over the life of the mortgage as well as a dynamic visualization.
The user can simply enter in the relevant mortgage terms (amount/interest rate/payments per year/start date/total length) and the model does the rest. This has two amortization schedules. The first is the base case with no extra payment logic and the second tab has an additional column where the user can input their expected extra principal payment for each period whatever that may be. This second schedule will update accordingly and the interest savings will calculate.
You can setup any kind of strategy (one extra payment each year or extra principal every single period or what have you) and the visualization / data will update.
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