The example is ... an example. It relates nothing to my financial purchase at all. I was merely showing with a graphical representation what my goal is to achieve.
"Zero2Cool" wrote:
You were looking to achieve a $100,000 car?
"Porforis" wrote:
Thanks for trying to help, greatly appreciate it.
"Zero2Cool" wrote:
Z-just trying to have fun in principle while we figure out how to help. Your example looks good, but I would add a column for your additional payments so that you can do a comparison between alternatives.
The amount of the payment going to interest would be calculated off of the interest rate and the principal balance.
Your principal should be calculated from your previous principal minus the difference between your interest owed from your previous payment and the total amount of your previous payment, with 100% of whatever extra payment you make coming off the principal.
So, principlely, I'd recaclulate the interest each payment, since the principal remaining would change each period. You would just have to modify your principal column to subtract out the additional payment in the previous row.