Mortgage Amortization
Microsoft Excel
Name______________________   Period______  Score______/38

Open the calculator on your desktop by double clicking the calculator icon inside your Computer Tech Folder on your desktop.
Open Excel Loan Amortization by opening Excel and choosing New/Amortization Schedule.  
Read each numbered statement on your worksheet and place each piece of data (information) in the correct cell.  Then place the answer to each question in the appropriate blank. 

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1.  You are borrowing $150,000 at 5.5% for 30 years.  You will have 12 payments per year and  will begin paying on your loan on 
     December 1, 2015.  
a.	How much is your scheduled monthly payment?  ________________________
b.	How many scheduled payments will you pay over the life of the loan?  _____________
c.	What is your total interest over the life of the loan (30 Yrs.)?  _________________
d.	Add your total interest ( what you wrote on line c) and your loan amount ($150,000).  What is the total you will pay to borrow $150,000 at 5.5% over a 30 year period.  ________________________________
e.	On what date will your loan be payed off.  (scroll down to month 360)  ______________
f.	Add $100 in the Optional Extra Payments cell. (Bottom Left of Enter Values section) 
i.	What is the Total Early Payments? _______________________
ii.	What is the new Total Interest?  ________________________
iii.	How much money will you save by paying $100 extra per month?  (Line C minus Line f ii.) ______________
iv.	By paying $100 extra per month, how many months will you actually pay on the loan?   ___________________

Delete all information in the Input Cells. Then enter the new data in the cells to answer the next set of questions.

2.  You are borrowing $150,000 at 4.5% for 30 years.  You will have 12 payments per year and  
     will begin paying on your loan on December 1, 2015.
a.	How much is your scheduled monthly payment?  _____________
b.	How many scheduled payments will you pay over the life of the loan?  _____________
c.	What is your total interest over the life of the loan (30 Yrs.)?  _________________
d.	Add your total interest ( what you wrote on line c) and your loan amount ($150,000).  What is the total you will pay to borrow $150,000 at 4.5% over a 30 year period.   ___________________
e.	On what date will your loan be payed off.  (scroll down to month 360)  ______________
f.	Add $100 in the Optional Extra Payments cell.   (Bottom Left of Enter Values section)
i.	What is the Total Early Payments? _______________________
ii.	What is the new Total Interest?  ________________________
iii.	How much money will you save by paying $100 extra per month?  (Line C minus Line f ii.)   __________________
iv.	By paying $100 extra per month, how many months will you actually pay on the loan?
_________________________

Delete all information in the Input Cells. Then enter the new data in the cells to answer the next set of questions.

3.  You are borrowing $300,000 at 5.5% for 30 years.  You will have 12 payments per year and  
     will begin paying on your loan on December 1, 2015.
a.	How much is your scheduled monthly payment?  _____________
b.	How many scheduled payments will you pay over the life of the loan?  _____________
c.	What is your total interest over the life of the loan (30 Yrs.)?  _________________
d.	Add your total interest ( what you wrote on line c) and your loan amount ($300,000).  What is the total you will pay to borrow $300,000 at 5.5% over a 30 year period.  ________________________________
e.	On what date will your loan be payed off.  (scroll down to month 360)  ______________
f.	Add $100 in the Optional Extra Payments cell. 
i.	What is the Total Early Payments? _______________________
ii.	What is the new Total Interest?  ________________________
iii.	How much money will you save by paying $100 extra per month?  (Line C minus Line f ii.) __________________
iv.	By paying $100 extra per month, how many months will you actually pay on the loan?
__________________________
Delete all information in the Input Cells. Then enter the new data in the cells to answer the next set of questions.
4.  You are borrowing $300,000 at 4.5% for 30 years.  You will have 12 payments per year and  
     will begin paying on your loan on December 1, 2015.  .How much is your scheduled monthly payment?  _____________
a.	How many scheduled payments will you pay over the life of the loan?  _____________
b.	What is your total interest over the life of the loan (30 Yrs.)?  _________________
c.	Add your total interest ( what you wrote on line c) and your loan amount ($300,000).  What is the total you will pay to borrow $300,000 at 4.5% over a 30 year period.  ________________________________
d.	On what date will your loan be payed off.  (scroll down to month 360)  ______________
e.	Add $100 in the Optional Extra Payments cell. 
i.	What is the Total Early Payments? _______________________
ii.	What is the new Total Interest?  ________________________
iii.	How much money will you save by paying $100 extra per month?  (Line C minus Line f ii.)   __________________
iv.	By paying $100 extra per month, how many months will you actually pay on the loan?
___________________

5.  What have you learned about the cost of borrowing money?   _____________________________________________
     __________________________________________________________________________________________

Enter Values Here

Get Most of your Answers Here

Add Optional Extra Payment Here