Save thousands of dollars with this Excel tutorial! It will help you learn how to make a mortgage calculator by using the PMT function in a spreadsheet like Excel and a secret formula to find the interest saved when you make extra payments to principal every month on a loan. I use a secret formula to find the number of monthly payments. I do it both for a 30 year mortgage and a 5 year car loan. No amortization table is necessary. "Infinite Powers, How Calculus Reveals the Secrets of the Universe", Steven Strogatz: https://amzn.to/3eXEmuA. SECRET FORMULA! 🔴 Calculus 1 Course, Lecture 1: The Big Ideas (Rates & Areas, the Infinity Principle & Circular Area): https://www.youtube.com/watch?v=2V_ehJC5QUY 🔴 AP Calculus AB Multiple Choice Practice Exam (No Calculator): https://www.youtube.com/watch?v=2AG_Dt3x7q0 🔴 AP Calculus AB Free Response Practice Exam (No Calculator): https://www.youtube.com/watch?v=RLgUwP44V_M 🔴 AP Calculus BC Multiple Choice Practice Exam (No Calculator): https://www.youtube.com/watch?v=1Q7ALcwT97A 🔴 AP Calculus BC Free Response Practice Exam (No Calculator): https://www.youtube.com/watch?v=ZWisJEDP44w 🔴 Calculus 1 Course Lectures: https://www.youtube.com/playlist?list=PLmU0FIlJY-MkFrKtM0S0NLu-TxZa5jBIx 🔴 Calculus 2 Course Lectures: https://www.youtube.com/playlist?list=PLmU0FIlJY-MlAmkJWOjt024wW3ee-d5Ya 🔴 Differential Equations and Linear Algebra Course Lectures: https://www.youtube.com/playlist?list=PLmU0FIlJY-Mle_2Q0mjVMuQh9aZHDzNoP 🔴 Financial Mathematics for Actuarial Science Lectures Playlist: https://www.youtube.com/playlist?list=PLmU0FIlJY-MnqMDwgu-bMLLj6L9K1WWUf 🔴 Financial Mathematics Practice Problems and Solutions for Actuarial Exam FM Playlist: https://www.youtube.com/playlist?list=PLmU0FIlJY-MlzpjaUPX6obyzFXA-YJJK8 Links and resources =============================== 🔴 Subscribe to Bill Kinney Math: https://www.youtube.com/user/billkinneymath?sub_confirmation=1 🔴 Subscribe to my Math Blog, Infinity is Really Big: https://infinityisreallybig.com/ 🔴 Follow me on Twitter: https://twitter.com/billkinneymath 🔴 Follow me on Instagram: https://www.instagram.com/billkinneymath/ 🔴 You can support me by buying "Infinite Powers, How Calculus Reveals the Secrets of the Universe", by Steven Strogatz, or anything else you want to buy, starting from this link: https://amzn.to/3eXEmuA. 🔴 Check out my artist son Tyler Kinney's website: https://www.tylertkinney.co/ How to Use Excel Formulas to Calculate Interest Saved on a Loan | Save 1000s of Dollars! (0:00) Extra payments on your loan save interest paid (0:14) Mortgage information: interest rate, term, loan amount (0:58) Use PMT to find P & I (principal and interest), total payments, and total interest paid (2:09) Extra monthly payment to principal (2:49) Secret formula for the new number of monthly payments (3:30) Excel implementation of secret formula (4:21) Interest saved (4:35) Car loan example AMAZON ASSOCIATE As an Amazon Associate I earn from qualifying purchases.