How to know the mortgage balance with the uneven extra payment?

[immiq]

What is the name of your state?AL
By the mortgage caculator I got the monthly payment is $817.08 if the loan amount is $100,000 at 5.5% for 15 years. How does a borrower know the mortgage balance by the mortgage calculator if the extra payment is uneven? For example, the first payment with an extra payment of $200; the second payment with 0 extra payment and the third payment with the extra payment of $300, how does the borrower know what is the mortgage balance after the third payment?

[HomeGuru]

Originally Posted by immiq

What is the name of your state?AL
By the mortgage caculator I got the monthly payment is $817.08 if the loan amount is $100,000 at 5.5% for 15 years. How does a borrower know the mortgage balance by the mortgage calculator if the extra payment is uneven? For example, the first payment with an extra payment of $200; the second payment with 0 extra payment and the third payment with the extra payment of $300, how does the borrower know what is the mortgage balance after the third payment?

**A: you need a special HP calculator that can calculate a declining balance mortgage.

[efflandt]

Or any spreadsheet, like Excel or OpenOffice Calc can figure it out. An example is "Extra Payments on Monthly Payment Fixed-Rate Mortgages" link on [url]http://www.mtgprofessor.com/spreadsheets.htm[/url]

[immiq]

Originally Posted by efflandt

Or any spreadsheet, like Excel or OpenOffice Calc can figure it out. An example is "Extra Payments on Monthly Payment Fixed-Rate Mortgages" link on [url]http://www.mtgprofessor.com/spreadsheets.htm[/url]

Efflandt, thanks for the useful info. The spreadsheet from the provided link is the most useful tool to monitor or check the mortgage balance. BTW, what do you mean by OpenOffice Calc? Is it another tool to calculate the mortgage balance?

[HomeGuru]

[quote=efflandt]Or any spreadsheet, like Excel or OpenOffice Calc can figure it out. An example is "Extra Payments on Monthly Payment Fixed-Rate Mortgages" link on [url]http://www.mtgprofessor.com/spreadsheets.htm[/url][/QUOTE

**A: do you know of any software that can pay my mortgage for me?

[efflandt]

[url]http://www.openoffice.org/[/url] is an open source (free) suite of programs similar to MS Office that includes a spreadsheet called "Calc". It started out as StarOffice (from Germany) written for Unix (and Linux) that was also ported to Windows, eventually purchased by Sun so they had something for their Unix to compete with MS, [url]http://www.sun.com/software/star/staroffice/index.jsp[/url]

You might see something in OpenOffice help that financial functions require an add-on, but those functions seem to be included in the current OpenOffice, since that spreadsheet and other financial functions I have used work. I use it in Linux and Windows (since my PC only came with a trial version of MS Office).