Question:

How can I track the mortgage loan interest payment amortization schedule?

Answer:

Your mortgage loan interest payment amortization schedule can be tracked using online mortgage calculators displaying amortization tables; or you could use free Excel templates and spreadsheets to see your home loan principal and interest amortization schedule. Also, there is specific mortgage software - freeware or for a small cost of around $30 that can be used for the same purpose.

Using Excel Spreadsheets for Principal and Interest Payment Amortization Schedule

If you are creating your mortgage amortization schedule, remember to compare the results with your financial advisor or lender. Even though freely distributed software, Excel templates and online mortgage calculators can be pretty much a good source for creating mortgage loan amortization tables you need to compare your calculations to what your actual monthly mortgage payments will be, asking your lender about detailed amortization schedule before signing the loan papers.

Specialized mortgage loan amortization schedule software and Excel spreadsheets will most often have additional features. For example, you should be able to apply it for other loans beside mortgage loans - auto loans, student loans, credit cards, etc. Also, specialized loan software will usually be able to produce different amortization scenarios in case you use different amortization plans - biweekly payments, any optional extra payments, etc.

Do not forget to compare your expected loan amortization outcome with the lender. Lenders may understand and apply your payments not exactly in the way you expect them to, and this could offset your expected accelerated loan amortization.

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