The loan calculator. The one thing you wish you never had to use. This Microsoft Excel spreadsheet was orignally authored by a friend of mine, but with his permission I’ve made some modifications and posted it here for everyone to use.
Prepare For The Future
Before you make that big purchase see what your going to be paying each month. Simply put in:
- Amount of the loan
- Interest rate
- How many months the loan is going to be
and this spreadsheet will automatically tell you:
- Monthly payment
- Amount of money thrown away in interest
- How much of your payment is going to the principle each month
Pay It Off Quicker
One of the additions I’ve made is the ability to see how paying extra each month can affect the time it takes to pay down the loan and more importantly how much money you save that would be going to interest. Its absolutely amazing how much money you can save by paying even just $100 more a month.