We just paid a lump sum to our mortgage to reduce principal. Can some one give me a formula to find savings?

Go to the site below and download an Excel spreadsheet for the "Home Mortgage Calculator". It will allow you to figure EVERYTHING out, really! It will allow you to put in a monthly added principal and/or a lumpsum payment (as in your case). It will show you what you owe, how much you've paid, how long it will take you to pay your mortgage. It shows your amortization schedule, also.

I've been using it for a couple of years. It's the best program I've found.

there is no single easy formula - you basically knocked a couple of mortgage payments off teh ned of the mortgage and gong forward, the amount of your monthly payment that goes towrds principle with increase a little faster

without knowing how big a lump sum - hard to answer any further

most mortgage alulators online assume an extra amount being paid every month - some might have a lump sum calculation included

google mortgage calculators

if you make every year 1 extra payment you are reducing 7 years of your loan

Hi,

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