How to use the Mortgage Payoff and Home Equity Planner

See your payoff date with and without extra payments, the interest you save, and how your equity grows. Here's every step.

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Version 1.0 · 5 tabs · Excel and Google Sheets · Free Lifetime Updates

At a Glance
StepHow long
1Before you start1 min 2Enter your loan5 min 3Add extra paymentsSee step 4Read the DashboardSee step 5Try other amountsSee step
Messages explainedSee them →

Before you start

The one rule: yellow cells with blue text are yours to fill in. Gray cells calculate on their own and are locked, so you can't erase a formula by accident.
  1. Your download is a zip with two files. Double-click it to open it. Start with the one marked with examples to see how everything works, then use the blank one for your household.
  2. Open the file in Microsoft Excel. Using Google Sheets? Upload it to Google Drive, then open it with Google Sheets.
  3. Start on the Start Here tab. It has the same steps, right inside the file.
  4. The sample data is there so you can see how everything works. Type over it with your own when you're ready.

Here's how to enter your loan once, then try any extra payment and see what it saves.

1Enter your loan (about 5 minutes)

  1. Open Start Here first. Yellow cells with blue text are yours to fill in. Italic yellow cells are optional. Gray cells calculate on their own.
  2. Open Loan. Enter the original amount, rate, term and first payment date from your paperwork. Add the current balance from your statement if you have it.
  3. Each input has a We use value and a status note: green is OK, amber is a heads-up, red needs a fix.

2Add extra payments

  1. Still on Loan, enter an extra amount each month, a yearly extra and the month it's paid, or a one-time lump sum.
  2. Extras start with the next payment and never go past the balance.

3Read the Dashboard

  1. The Dashboard shows the current balance, new payoff date, interest saved and equity now, with normal payments and your extra side by side.

4Try other amounts

  1. Open What If to compare $50, $100, $200, $500 and $1,000 a month, plus one amount of your own.
  2. Schedule lists every payment until payoff.

What the messages mean

The tool watches your numbers and tells you in plain words when something needs a look. Here's every message you might see.

Amber note
What it means: An input looks unusual but the plan still works.
What to do: Double check it against your statement.
Red note
What it means: An input is missing or can't be used.
What to do: Fix it on Loan. Then look at the Ready check below the inputs.

Using Google Sheets or your phone

  • To use Google Sheets, upload the file to Google Drive, then right-click it and choose Open with, then Google Sheets.
  • Dropdowns, colors, and every calculation work the same in Google Sheets.
  • On a phone, the Google Sheets and Excel apps work for quick changes. For setup and printing, a computer is easier.
  • Want to start fresh? Type over the yellow example cells. Don't delete rows, since other tabs may be reading them.

Ready when you are

That's the whole thing, nothing held back. See pricing and screenshots for this tool, or compare every home and money tool side by side.

Common questions

Does it include escrow?

Escrow is shown separately so you see the total payment, but it doesn't change the payoff.

Are the PMI dates exact?

No. They're estimates. Your lender decides when PMI comes off.

Quick reference from the Start Here tab

Welcome

You already have a mortgage. This planner shows where you stand today and what happens if you pay a little extra: how much sooner the loan is gone, how much interest you keep, and how your home equity grows year by year.

Where To Start

1

Open the 'Loan' tab. Enter your original loan amount, interest rate, loan term and first payment date. They are on your closing papers or your lender's website.

2

Know your current balance? Type it in. We plan from today using that balance and the months left on your loan. Leave it blank and we work it out from your schedule.

3

Add any extra payments you want to try: every month, once a year, or a one-time lump sum.

4

Enter what you think your home is worth today and any other loans on it, like a HELOC.

5

Open 'Dashboard' to see your payoff date, interest saved and home equity. 'What If' compares extra amounts side by side. 'Schedule' shows every payment.

Which Cells To Edit

Yellow cells with blue text are yours. Italic yellow cells are optional. Gray cells are automatic and locked so a formula can't be erased by accident.

Each input on the Loan tab has a status note next to it. Green means OK, amber is a heads-up, red means something needs fixing before we can calculate.

Need to change a formula? In Excel go to Review, then Unprotect Sheet. In Google Sheets use Data, then Protect sheets and ranges. No password needed.

What The Results Mean

Original payoff date: when the loan ends if you keep paying your normal payment. New payoff date: when it ends with your extra payments.

Interest saved: the interest you will never pay because extra money went to principal sooner.

Home equity: your home value minus everything you owe on it. Your home value is your own estimate, so equity is an estimate too.

PMI dates are Estimated. Lenders usually let you ask to drop PMI at 80% of the original home value and remove it on their own at 78%. Check with your lender.

Results are Estimated. Your lender's numbers can differ by a few dollars because of rounding, payment timing and fees.

How To Clear The Examples And Reuse It

The example numbers are there so you can see how it works. Type right over them, or use the Blank file, which has the same formulas with empty yellow cells.

To clear by hand, select the yellow cells on the Loan tab and press Delete. Never delete gray cells or whole rows.

To compare two plans, duplicate the file and change the extra payments in the copy.

Good To Know

Principal vs interest: principal is the money you borrowed. Interest is what the lender charges you for borrowing it. Each payment covers that month's interest first, and the rest lowers your principal.

Home value vs equity: home value is what the house could sell for. Equity is the part you own: home value minus your mortgage and any other loans on the home.

Why extra payments save interest: interest is charged on the balance you still owe. Every extra dollar lowers the balance right away, so every later month charges less interest, and the loan ends sooner.

Escrow: money your lender collects with your payment for property taxes and home insurance. It does not lower your loan, so we show it separately.

Loan-to-value (LTV): your loan balance divided by your home value. Lower is better.

Share box: the "Share with other EasyWorkTools Home tools" box on the Dashboard lists the numbers this file gives to and gets from the other Home tools. Copy them by hand. The labels match exactly, so it's clear where each one goes.

Getting Updates

Every update is free. When a new version is ready we email you, and you can download it any time.

Moving to a new version: copy the yellow cells from each sheet into the same sheets of the new file.

Using Google Sheets? Upload this file to Google Drive and open it with Google Sheets (or File, then Import, then Upload). The math works the same.

Your License

This file is licensed to one household. Please don't share, resell or post it online.

© 2026 EasyWorkTools. All rights reserved. easyworktools.com

Every tab

This file has 5 tabs, in this order:

  1. Start Here
  2. Dashboard
  3. Loan
  4. What If
  5. Schedule
Still stuck on something? Ask us. We answer within one business day, and we'll add the answer here for everyone.