How Do You Calculate Total Principal Paid On A Mortgage?
Mortgage calculations break down your monthly payment to show how much interest and principal you pay each month. Interest gets calculated based on the outstanding amount of principal, so as your balance lowers, more of your payment gets applied to the principal rather than the interest. Use your amortization schedule, which shows your mortgage calculations. Most people receive an amortization schedule with their original loan papers. The schedule should show you the outstanding principal due after each monthly payment. Deduct this amount from the initial amount of your loan to find the total principal paid to date. Enter your loan information into Excel and use preset formulas to find the principal paid. You need to know your interest rate, the term of the loan and the original principal. Formulas you’ll use in Excel include PMT and PPMT. Calculate the principal paid by hand. Assign values to the principal and to the monthly interest in decimal form. To find the monthly interest, divi
