Whether you’re looking to purchase a bigger television, more comfortable furniture, a bigger home or a brand new car, there are dozens of loan options at your disposal. Jumping into a loan without knowing all the fees that come with it can be a dangerous decision. An Excel loan calculator can help you figure out exactly what you’re getting into before you sign your name to anything. This calculator will give you all the information you need to make the right decision.
Excel Loan Calculator: Using the Calculator
The loan calculator that is available for free on this site is very user friendly. The first step is to enter the total amount of the loan you plan to take out or have already taken out. Next, input the annual interest rate of the loan. The next steps include putting in the number of years the loan period will last, the number of payments you will make per year, the start of the loan date and any option extra payments you plan to make.
Once all this information has been added to the template, the loan summary will be automatically calculated. The total amount of your next upcoming scheduled payment, the scheduled number of payments, the actual number of payments, the total amount of early payments and the total amount of interest will all be automatically displayed.
Below all of this payment information, your entire payment schedule for the life of the loan will be displayed. Starting with the first payment, the date, beginning balance, scheduled payment amount, extra payment amount, total payment amount, principal amount, interest amount and ending balance will all be clearly visible. This information will be repeated for every payment you will bake.
Excel Loan Calculator: Saving You Money
Especially during these difficult economic times, getting your personal finances in order is critical for your long-term stability and success. Something as simple as utilizing a loan calculator can make a big difference in helping you reach your financial goals and stay on track. The loan calculator is just one of hundreds of spreadsheets and templates designed to make your life easier.
Download: Loan Calculator