We will type the loan details in this first step. Thirdly, we will find the payment summary to complete our objective for this article. Following that, we will calculate the payment schedule. We will show 3 quick steps to create a mortgage calculator with extra payments and a lump sum in Excel. Step-by-Step Procedures to Create a Mortgage Calculator with Extra Payments and Lump Sum in Excel Read More: Mortgage Payoff Calculator with Extra Payment (Free Excel Template) So, by just adding two lump sum payments of amounts of $10,000 and $15,000, adding $200 of extra payments every month, and depositing our regular payment, we saved a lot of time and a good amount of money. You can see that extra payments have been added in the 19th period (after we are done with a total of 18 payments). We have input all the information in my template. You will input these values directly under the column Extra Payment (Lump Sum) for the respective payment periods.
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