We have a $230,000 principal balance on our mortgage.

The interest rate is 5 percent.

We’re trying to figure out the long-term effects of a few different things—making a large payment (e.g. $50,000) towards the principal, making higher monthly payments, and making bi-monthly payments.

I’ve seen a few calculators on the net that seem to answer the questions individually, but not the cumulative effects of doing all three.

As a complication, the higher payment amount we’re planning on making is related to our household budget. We figure we can easily pay $2,700 per month in mortgage—if we’re comparing the do-nothing scenario to the $50,000 (voluntary) balloon payment, the amount of the monthly extra payment will vary.

Is there a calculator out there that I’ve missed? A simple Excel template?

Thanks,

Rhythm