Bi-Monthly Extra Payment Mortgage Calculator: A Game-Changer for Debt-Free Living

In today's world, living beyond our means and saving for the future are essential goals. Big investors like Warren Buffet and Ray Dalio emphasize the importance of saving, while many countries and businesses struggle with debt. If you're looking to become debt-free, a bi-monthly extra payment mortgage calculator can be a valuable tool in your journey.

This calculator is designed to help you make informed decisions about your mortgage payments. By choosing the right payment frequency for your extra recurring payments, you can save time and interest on your loan. Let's take a look at how this template works.

Understanding the Template

The bi-monthly extra payment mortgage calculator has several key features:

* Interest Compounding Frequency: This is the frequency at which interest is compounded on your loan. In most cases, this will be monthly.

* Regular Payment Frequency: This is the frequency at which you make regular payments on your loan. For example, if you choose a monthly payment frequency, you'll pay your mortgage every month.

* Remaining Years: This indicates how much of your loan has already been paid off. For example, if you have 28.5 years remaining on your loan, that means you've already made 1.5 years' worth of payments.

* Time Saved: If you make recurring extra payments or irregular/lump sum extra payments, this feature will show you the time saved on your loan.

* Estimated Interest Savings: This feature estimates how much interest you'll save by making extra payments.

* Total Amount Paid Over the Lifetime of the Loan: This shows you the total amount you'll pay over the life of your loan.

Using the Template

You can use this calculator in three ways:

1. Depositing Irregular / Lump-Sum Payments: Make irregular or lump-sum payments when you're able to.

2. Calculating Regular Payments (PMT): Use the template to calculate your regular mortgage payments.

3. Making Extra Payments: Make extra payments to pay off your loan faster and save on interest.

Why Choose This Template?

This bi-monthly extra payment mortgage calculator is the most versatile Excel template available for mortgage loans. It's designed to help you become debt-free by providing you with a clear understanding of how your extra payments can impact your loan.

By using this template, you'll be able to:

* Make informed decisions about your mortgage payments

* Save time and interest on your loan

* Achieve your goal of becoming debt-free

In today's age of debt, becoming a debt-free person is the best blessing. With the bi-monthly extra payment mortgage calculator, you can take control of your finances and start building a brighter future.

Bi monthly extra payment mortgage calculator