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1 | To use this document, go to the File menu and "Make a copy" for your own use (do not request access) | Learn more: | https://www.thebalance.com/how-amortization-works-315522 | ||||||||||||||||||||||||
2 | Or click here for your own copy | *IMPORTANT: These numbers and formulas might not be accurate or appropriate for your situation. You MUST verify all details, calculations, and projections with your financial institution before making Consult your tax advisor, financial advisor, and legal counsel before taking any action or making any decisions. | |||||||||||||||||||||||||
3 | |||||||||||||||||||||||||||
4 | Enter your loan details in the green boxes | ||||||||||||||||||||||||||
5 | Loan Amount | Interest Rate | Term in Years | Monthly Payment | Extra Monthly | ||||||||||||||||||||||
6 | $100,000.00 | 6.00% | 30 | $599.55 | 0 | ||||||||||||||||||||||
7 | |||||||||||||||||||||||||||
8 | Instructions: | Double click the video below, or visit | |||||||||||||||||||||||||
9 | Month | StartingBalance | You Paid | Interest | Principal | EndingBalance | TotalInterest | (3 Minutes) | https://youtu.be/1mRGK8Zggf4 | ||||||||||||||||||
10 | 1 | $100,000.00 | $599.55 | $500.00 | $99.55 | $99,900.45 | $500.00 | ||||||||||||||||||||
11 | 2 | $99,900.45 | $599.55 | $499.50 | $100.05 | $99,800.40 | $999.50 | ||||||||||||||||||||
12 | 3 | $99,800.40 | $599.55 | $499.00 | $100.55 | $99,699.85 | $1,498.50 | ||||||||||||||||||||
13 | 4 | $99,699.85 | $599.55 | $498.50 | $101.05 | $99,598.80 | $1,997.00 | ||||||||||||||||||||
14 | 5 | $99,598.80 | $599.55 | $497.99 | $101.56 | $99,497.24 | $2,495.00 | ||||||||||||||||||||
15 | 6 | $99,497.24 | $599.55 | $497.49 | $102.06 | $99,395.18 | $2,992.48 | ||||||||||||||||||||
16 | 7 | $99,395.18 | $599.55 | $496.98 | $102.57 | $99,292.61 | $3,489.46 | ||||||||||||||||||||
17 | 8 | $99,292.61 | $599.55 | $496.46 | $103.09 | $99,189.52 | $3,985.92 | ||||||||||||||||||||
18 | 9 | $99,189.52 | $599.55 | $495.95 | $103.60 | $99,085.92 | $4,481.87 | ||||||||||||||||||||
19 | 10 | $99,085.92 | $599.55 | $495.43 | $104.12 | $98,981.79 | $4,977.30 | ||||||||||||||||||||
20 | 11 | $98,981.79 | $599.55 | $494.91 | $104.64 | $98,877.15 | $5,472.21 | ||||||||||||||||||||
21 | 12 | $98,877.15 | $599.55 | $494.39 | $105.16 | $98,771.99 | $5,966.59 | ||||||||||||||||||||
22 | 13 | $98,771.99 | $599.55 | $493.86 | $105.69 | $98,666.30 | $6,460.45 | ||||||||||||||||||||
23 | 14 | $98,666.30 | $599.55 | $493.33 | $106.22 | $98,560.08 | $6,953.79 | ||||||||||||||||||||
24 | 15 | $98,560.08 | $599.55 | $492.80 | $106.75 | $98,453.33 | $7,446.59 | ||||||||||||||||||||
25 | 16 | $98,453.33 | $599.55 | $492.27 | $107.28 | $98,346.04 | $7,938.85 | ||||||||||||||||||||
26 | 17 | $98,346.04 | $599.55 | $491.73 | $107.82 | $98,238.22 | $8,430.58 | ||||||||||||||||||||
27 | 18 | $98,238.22 | $599.55 | $491.19 | $108.36 | $98,129.86 | $8,921.77 | ||||||||||||||||||||
28 | 19 | $98,129.86 | $599.55 | $490.65 | $108.90 | $98,020.96 | $9,412.42 | ||||||||||||||||||||
29 | 20 | $98,020.96 | $599.55 | $490.10 | $109.45 | $97,911.52 | $9,902.53 | ||||||||||||||||||||
30 | 21 | $97,911.52 | $599.55 | $489.56 | $109.99 | $97,801.53 | $10,392.09 | ||||||||||||||||||||
31 | 22 | $97,801.53 | $599.55 | $489.01 | $110.54 | $97,690.98 | $10,881.09 | ||||||||||||||||||||
32 | 23 | $97,690.98 | $599.55 | $488.45 | $111.10 | $97,579.89 | $11,369.55 | ||||||||||||||||||||
33 | 24 | $97,579.89 | $599.55 | $487.90 | $111.65 | $97,468.24 | $11,857.45 | ||||||||||||||||||||
34 | 25 | $97,468.24 | $599.55 | $487.34 | $112.21 | $97,356.03 | $12,344.79 | ||||||||||||||||||||
35 | 26 | $97,356.03 | $599.55 | $486.78 | $112.77 | $97,243.26 | $12,831.57 | ||||||||||||||||||||
36 | 27 | $97,243.26 | $599.55 | $486.22 | $113.33 | $97,129.92 | $13,317.79 | ||||||||||||||||||||
37 | 28 | $97,129.92 | $599.55 | $485.65 | $113.90 | $97,016.02 | $13,803.44 | ||||||||||||||||||||
38 | 29 | $97,016.02 | $599.55 | $485.08 | $114.47 | $96,901.55 | $14,288.52 | ||||||||||||||||||||
39 | 30 | $96,901.55 | $599.55 | $484.51 | $115.04 | $96,786.51 | $14,773.02 | ||||||||||||||||||||
40 | 31 | $96,786.51 | $599.55 | $483.93 | $115.62 | $96,670.89 | $15,256.96 | ||||||||||||||||||||
41 | 32 | $96,670.89 | $599.55 | $483.35 | $116.20 | $96,554.69 | $15,740.31 | ||||||||||||||||||||
42 | 33 | $96,554.69 | $599.55 | $482.77 | $116.78 | $96,437.92 | $16,223.08 | ||||||||||||||||||||
43 | 34 | $96,437.92 | $599.55 | $482.19 | $117.36 | $96,320.56 | $16,705.27 | ||||||||||||||||||||
44 | 35 | $96,320.56 | $599.55 | $481.60 | $117.95 | $96,202.61 | $17,186.88 | ||||||||||||||||||||
45 | 36 | $96,202.61 | $599.55 | $481.01 | $118.54 | $96,084.07 | $17,667.89 | ||||||||||||||||||||
46 | 37 | $96,084.07 | $599.55 | $480.42 | $119.13 | $95,964.94 | $18,148.31 | ||||||||||||||||||||
47 | 38 | $95,964.94 | $599.55 | $479.82 | $119.73 | $95,845.21 | $18,628.13 | ||||||||||||||||||||
48 | 39 | $95,845.21 | $599.55 | $479.23 | $120.32 | $95,724.89 | $19,107.36 | ||||||||||||||||||||
49 | 40 | $95,724.89 | $599.55 | $478.62 | $120.93 | $95,603.96 | $19,585.98 | ||||||||||||||||||||
50 | 41 | $95,603.96 | $599.55 | $478.02 | $121.53 | $95,482.43 | $20,064.00 | ||||||||||||||||||||
51 | 42 | $95,482.43 | $599.55 | $477.41 | $122.14 | $95,360.29 | $20,541.42 | ||||||||||||||||||||
52 | 43 | $95,360.29 | $599.55 | $476.80 | $122.75 | $95,237.55 | $21,018.22 | ||||||||||||||||||||
53 | 44 | $95,237.55 | $599.55 | $476.19 | $123.36 | $95,114.18 | $21,494.41 | ||||||||||||||||||||
54 | 45 | $95,114.18 | $599.55 | $475.57 | $123.98 | $94,990.20 | $21,969.98 | ||||||||||||||||||||
55 | 46 | $94,990.20 | $599.55 | $474.95 | $124.60 | $94,865.60 | $22,444.93 | ||||||||||||||||||||
56 | 47 | $94,865.60 | $599.55 | $474.33 | $125.22 | $94,740.38 | $22,919.26 | ||||||||||||||||||||
57 | 48 | $94,740.38 | $599.55 | $473.70 | $125.85 | $94,614.53 | $23,392.96 | ||||||||||||||||||||
58 | 49 | $94,614.53 | $599.55 | $473.07 | $126.48 | $94,488.05 | $23,866.03 | ||||||||||||||||||||
59 | 50 | $94,488.05 | $599.55 | $472.44 | $127.11 | $94,360.94 | $24,338.47 | ||||||||||||||||||||
60 | 51 | $94,360.94 | $599.55 | $471.80 | $127.75 | $94,233.20 | $24,810.28 | ||||||||||||||||||||
61 | 52 | $94,233.20 | $599.55 | $471.17 | $128.38 | $94,104.81 | $25,281.44 | ||||||||||||||||||||
62 | 53 | $94,104.81 | $599.55 | $470.52 | $129.03 | $93,975.79 | $25,751.97 | ||||||||||||||||||||
63 | 54 | $93,975.79 | $599.55 | $469.88 | $129.67 | $93,846.12 | $26,221.84 | ||||||||||||||||||||
64 | 55 | $93,846.12 | $599.55 | $469.23 | $130.32 | $93,715.80 | $26,691.07 | ||||||||||||||||||||
65 | 56 | $93,715.80 | $599.55 | $468.58 | $130.97 | $93,584.82 | $27,159.65 | ||||||||||||||||||||
66 | 57 | $93,584.82 | $599.55 | $467.92 | $131.63 | $93,453.20 | $27,627.58 | ||||||||||||||||||||
67 | 58 | $93,453.20 | $599.55 | $467.27 | $132.28 | $93,320.91 | $28,094.84 | ||||||||||||||||||||
68 | 59 | $93,320.91 | $599.55 | $466.60 | $132.95 | $93,187.97 | $28,561.45 | ||||||||||||||||||||
69 | 60 | $93,187.97 | $599.55 | $465.94 | $133.61 | $93,054.36 | $29,027.39 | ||||||||||||||||||||
70 | 61 | $93,054.36 | $599.55 | $465.27 | $134.28 | $92,920.08 | $29,492.66 | ||||||||||||||||||||
71 | 62 | $92,920.08 | $599.55 | $464.60 | $134.95 | $92,785.13 | $29,957.26 | ||||||||||||||||||||
72 | 63 | $92,785.13 | $599.55 | $463.93 | $135.62 | $92,649.50 | $30,421.19 | ||||||||||||||||||||
73 | 64 | $92,649.50 | $599.55 | $463.25 | $136.30 | $92,513.20 | $30,884.43 | ||||||||||||||||||||
74 | 65 | $92,513.20 | $599.55 | $462.57 | $136.98 | $92,376.22 | $31,347.00 | ||||||||||||||||||||
75 | 66 | $92,376.22 | $599.55 | $461.88 | $137.67 | $92,238.55 | $31,808.88 | ||||||||||||||||||||
76 | 67 | $92,238.55 | $599.55 | $461.19 | $138.36 | $92,100.19 | $32,270.07 | ||||||||||||||||||||
77 | 68 | $92,100.19 | $599.55 | $460.50 | $139.05 | $91,961.14 | $32,730.57 | ||||||||||||||||||||
78 | 69 | $91,961.14 | $599.55 | $459.81 | $139.74 | $91,821.39 | $33,190.38 | ||||||||||||||||||||
79 | 70 | $91,821.39 | $599.55 | $459.11 | $140.44 | $91,680.95 | $33,649.49 | ||||||||||||||||||||
80 | 71 | $91,680.95 | $599.55 | $458.40 | $141.15 | $91,539.80 | $34,107.89 | ||||||||||||||||||||
81 | 72 | $91,539.80 | $599.55 | $457.70 | $141.85 | $91,397.95 | $34,565.59 | ||||||||||||||||||||
82 | 73 | $91,397.95 | $599.55 | $456.99 | $142.56 | $91,255.39 | $35,022.58 | ||||||||||||||||||||
83 | 74 | $91,255.39 | $599.55 | $456.28 | $143.27 | $91,112.12 | $35,478.86 | ||||||||||||||||||||
84 | 75 | $91,112.12 | $599.55 | $455.56 | $143.99 | $90,968.13 | $35,934.42 | ||||||||||||||||||||
85 | 76 | $90,968.13 | $599.55 | $454.84 | $144.71 | $90,823.42 | $36,389.26 | ||||||||||||||||||||
86 | 77 | $90,823.42 | $599.55 | $454.12 | $145.43 | $90,677.99 | $36,843.38 | ||||||||||||||||||||
87 | 78 | $90,677.99 | $599.55 | $453.39 | $146.16 | $90,531.82 | $37,296.77 | ||||||||||||||||||||
88 | 79 | $90,531.82 | $599.55 | $452.66 | $146.89 | $90,384.93 | $37,749.42 | ||||||||||||||||||||
89 | 80 | $90,384.93 | $599.55 | $451.92 | $147.63 | $90,237.31 | $38,201.35 | ||||||||||||||||||||
90 | 81 | $90,237.31 | $599.55 | $451.19 | $148.36 | $90,088.94 | $38,652.54 | ||||||||||||||||||||
91 | 82 | $90,088.94 | $599.55 | $450.44 | $149.11 | $89,939.84 | $39,102.98 | ||||||||||||||||||||
92 | 83 | $89,939.84 | $599.55 | $449.70 | $149.85 | $89,789.99 | $39,552.68 | ||||||||||||||||||||
93 | 84 | $89,789.99 | $599.55 | $448.95 | $150.60 | $89,639.39 | $40,001.63 | ||||||||||||||||||||
94 | 85 | $89,639.39 | $599.55 | $448.20 | $151.35 | $89,488.03 | $40,449.83 | ||||||||||||||||||||
95 | 86 | $89,488.03 | $599.55 | $447.44 | $152.11 | $89,335.92 | $40,897.27 | ||||||||||||||||||||
96 | 87 | $89,335.92 | $599.55 | $446.68 | $152.87 | $89,183.05 | $41,343.95 | ||||||||||||||||||||
97 | 88 | $89,183.05 | $599.55 | $445.92 | $153.64 | $89,029.42 | $41,789.86 | ||||||||||||||||||||
98 | 89 | $89,029.42 | $599.55 | $445.15 | $154.40 | $88,875.01 | $42,235.01 | ||||||||||||||||||||
99 | 90 | $88,875.01 | $599.55 | $444.38 | $155.18 | $88,719.84 | $42,679.38 | ||||||||||||||||||||
100 | 91 | $88,719.84 | $599.55 | $443.60 | $155.95 | $88,563.89 | $43,122.98 | ||||||||||||||||||||
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