Loan and mortgage calculator or also known as a loan repayment calculator
which helps to understand how does your loan or mortgage actually works and
whether you can afford to make your monthly repayments on the amount that you wish to borrow.
I have tried to make this template easy to understand for ordinary people like me, in order not to get confused with all financial terminology when using this loan calculator.
The template uses excels PMT function that returns the payment amount for a loan based on an interest rate and a constant payment schedule.
Loan calculator can be very helpful when it comes to savings, because it actually proves that by making small extra payments you can save on the total amount of payable interest and also reduce the number of monthly payments.
For more advanced mortgage calculation I would recommend using mortgage accounting spreadsheet template designed to calculate mortgage on which you are receiving payments or mortgage
affordability calculator with variable interest rates.
Full template preview on DocStoc
Excel loan and mortgage calculator can be a real help when calculating your interest and principal amounts of the loan.
Template can calculate loans up to 30 years payment periods.
Use this loan calculator to find out how much you could save by making small additional payments on your loan or mortgage.
Read our Limitation of Use Policy
that are applicable to our free version of this loan calculator
You can also download Loan and Mortgage Template that works in OpenOffice.org Calc.
>> Download Now
Version: LMC 1.0
File Type: .xls
Size: ~694.00 KB
2002(XP), 2003, 2007
Free for personal use
License: View EULA
How to use loan calculator?
1. Start with entering all details in Enter Values column.
2. Enter the amount that you wish to borrow in to the cell named Loan Amount.
3. In Annual Interest Rate cell enter the rate of the interest at which you are planning to borrow.
4. Enter the total number of years in to Loan Period in Years cell, that could be anything between 1 and 30 years. This is one of the major factors that will affect your end balance interest of your loan.
5. Enter the number of payments that you are thinking of making
annually. This could be 12 if you have decided to only make a one payment each month or 26 if paying biweekly.
6. Now after all above is done you only have to enter your loan start date in to appropriate cell.
Cell Optional Extra Payments can be left blank, if you do not wish to make any
additional payments to reduce the number of repayments and save on interest.
You can also enter the amount in the Extra Payments column in the appropriate row when the payment is made. This will
override the formula in the cell but will still work if you've decided to make your extra payments
Links to other loan calculating software
www.office.microsoft.com - Search Microsoft Office Online for more free
loan and mortgage calculators and templates..
How to Create a Mortgage Calculator With Microsoft Excel An article
describing how to create an Excel spreadsheet that calculates the monthly payment needed to pay off the loan and the total cost of the loan, assuming a constant yearly rate.
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