How To Calculate Debt Payoff Date | Loan Amortization Schedule Tutorial

Loan Payoff Template: www.etsy.com/l...
Today I'm showing you how to use my loan payoff template (or amortization schedule). With this template, you can track all the payments on your loan and determine when it will be paid in full! You can record extra principal payments, which will update the ending balance of your loan and see how that progress impacts your loan payoff date!
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[@ssarabia2124]

Never purchased something so quickly! This is exactly what I was looking for 👍

[@TheBudgetingWife]

Awww yay!! I’m so happy to hear that!!

[@amourofbeauty]

Incredible!
My wife and I are buying a home soon and this will be perfect.

[@Sayuki0713]

Hi, what template do you recommend for someone who is trying to figure out a debt payoff for credit cards?

[@TheBudgetingWife]

As of right now, I don't believe it will work perfectly with credit cards because of the minimum payment for credit cards.

[@saallday294]

awesome!

[@flavias784]

Good job Marissa!

[@IlySkittles]

Will this work for me where I have to redo my mortgage every 5 years over 30 years (interest rate changes)? That's how my Canadian mortgage works.

[@ElkinsAbby]

Oh I'm excited to go purchase this now! I wasn't sure that I needed it because I know how to use online tools and basic spreadsheets to track extra loan payments and timelines, but this will be a great tool as we balance several loans with extra monthly payments!

[@TheBudgetingWife]

Yay!! So exciting. I'm glad this will be helpful for you!

[@rachaelv1140]

This is awesome. I used one for student loans and my mortgage and it is so motivating to see how even a little bit helps me reach my goals faster.

[@izelennla]

What format or function do you use to make "Paid in Full" generate?

[@esbielby]

How does this sheet accommodate escrow and PMI that's included in the monthly payments?

[@TheBudgetingWife]

It doesn’t. Paying on those don’t impact the balance of the loan. This template is showing you how your balance is going down each month and how extra principal payments can impact that. 😊

[@whattovisitinromania5044]

Very interesting informations! Have a good day, dear! 🤗

[@colinvickers4683]

Can you not just ask your lender to do this for you and not pay you for it?

[@TheBudgetingWife]

They'll give you a print off, but it obviously won't update in real time if you make any extra payments.

[@brandijones2007]

About two years away from paying extra on mortgage but can't wait to need and use this resource!!

[@beautiwoods]

When you changed the date at 6:24, how did you get them to highlight red? I'm a human resource grad student who uses excel sometimes and would love to learn some tips from you!!

[@sophia_megan]

The fact that you include what your current balance is is a game changer for me. Thats where i get stuck with the templates that I try to make myself. Bought your template and nod I'm pretty sure that I can be debt free by christmas!

[@jessicam5029]

Does this work for credit cards too? Or Student Loan?

[@charmainekheervycatral4044]

I want the template but Im not okay buying it. :(

[@TheBudgetingWife]

I’m sorry you feel that way. I put a lot of work into making it. And it’s $9. But you could try to make your own then.

[@shobhnachetty7981]

@@TheBudgetingWifelooking to buy this template but it’s saying it’s not available anymore

[@lisacrooke2056]

Hello. I live in Australia and we pay our mortgage minimum repayment every 2 weeks. Would this still work for us? Or do you need to be paying it off monthly?

[@abigailheynen4065]

I can't say for sure, but I noticed that there's a section of the spreadsheet where you have to add "number of payments per year", so if instead of 12 you put 24 or 26 (whatever the case is), I would guess it would still work for your mortgage payment!

[@dragon83455]

This is very helpful thank you

[@freechick4484]

I bought this but I am confused. I entered everything but it didn't calculate my correct mortgage payment amt?

[@TheBudgetingWife]

Just a reminder that the payment is principal and interest only because that’s what is reducing your loan balance. If you have other things going into your monthly payment like taxes, insurance, and PMI, that will not be shown, as those don’t impact your loan balance. We have all of those as part of our entire payment that goes to the bank, but the template just shows the principal and interest portion. 😊 the taxes, insurance and PMI may change over the life of the loan but the loan financing part (with a fixed rate) will not.

[@jillianc8487]

What if your interest rate changes over the 30 years? Like when you are re mortgaging.

[@TheBudgetingWife]

You need to have a fixed rate for the template to work. But if you refinance to a new rate, you can copy the template and make a new tab with the new loan info. 😊 we’re in the middle of refinancing and that’s what I did!

[@kendravoracek3636]

❤❤

[@simhd6844]

Hello

[@simhd6844]

I am I like you so much ❤❤❤🙋

[@simhd6844]

I do not lie to you I am a young man from the country of Morocco in my age 22 years I loved from the depths of my heart. Do we make a love relationship among us please

[@Piperbabe22]

This is lovely, thank you :)