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What is the formula for interest if payments change?

I am looking for a formula for interest to use in excel to come up with a new amortization schedule for my mortgage. I recently made a large payment to reduce the principle on my mortgage, however I am still going to continue to make the same payment I did last year to further reduce my principle each month. Is there a formula for interest other than the traditional one based on Principle, period, and interest rate?

Interest is calculated EXACTLY the same in ALL cases. Multiply the monthly rate by the balance at the beginning of the month. That amont is interest, the reminder of the payment applies to principle. The balance is reduced by the amount applied to principle.

You can also download Excel templates for loan calculators that will do all the math for you.

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