I'm looking for a spreadsheet that can demonstrate the following details:
* payment amount - monthly, semi-monthly, accelerated bi-weekly and accelerated weekly
* interest paid over term
* interest paid over amortization
* savings if the bi-weekly or weekly option are taken - $ and amortization
Please keep in mind that interest in Canada is calculated semi-annually, which is different than most other areas. I also need it to calculate the numbers with monthly compounding but only demonstrate it if that option is selected.
Here are the items for entry by the user that will determine the output:
* client name
* prepared by
* mortgage amount
* interest rate
* first payment date (optional)
* term of mortgage (in months)
* amortization of mortgage (in years)
* compounding frequency - semi-annually or monthly
As part of the output, please include an amortization schedule for the term selected
Hi, I can do it. Please check the demo of a morgage sheet. I can modify to suit you need in adding comparison options.
I can also write a VBA macro to generate all scenarios and highlight best scenario according your criteria.
Looking forward to hearing you,
Cuong NH