What's inside
- Plan: original value and loan, rate, term, first payment date, payments made, PMI rate, extra principal, today's value, growth and your lender's appraisal limit
- For each route: the payment number, the date, PMI payments left and PMI still to pay, plus the earliest route
- Effect of the extra payment: how many months sooner PMI can come off, PMI saved, payoff date and interest saved
- Schedule: 480 months with and without your extra payment, projected value, and the month each route is reached
- Sample file: $332,500 at 6.75% on a $350,000 home. With $200 a month extra, PMI can come off at payment 90 by request instead of 127, saving $5,639 of PMI
Checked, not just designed: all 6,277 formulas recalculate with zero errors, and every result was checked against an independent month-by-month simulation in 8 scenarios.
Works in Excel and Google Sheets. US conventional loans (Homeowners Protection Act); lender rules vary. Not financial advice.
Try the free version first
The free online calculator uses the same model for a quick answer. The spreadsheet adds tracking, history and the full views.