Loan Repayment Calculator Excel With A One-time Big Sum Payment
A loan repayment calculator excel is made using the Microsoft Excel program and the compound interest formula
. It has other types, and in this article we will discuss a loan repayment calculator excel for a single balloon payment with regular payments. This loan repayment calculator excel is commonly used in most auto loans or mortgages wherein one makes a big amount of payment right after a constant amount of payments for every month. To know what the amount that you will be paying in a one-time big sum, just download this calculator that can calculate loan with a time period of thirty years!The Calculator Is Not Only Used In Auto Loans. Any Type Of Loan With This Manner Of Repayment Is Suitable For This Loan Repayment Calculator Excel.
This loan repayment calculator excel also calculator the regular payments that you will be making in a certain loan. It can also give you the total interest paid in the whole loan period. And of course, the main use for this calculator is to give you the big sum of money that you need to pay in order to lift off your loan balance. The calculator has a simple yet organized interface that anybody would surely have ease in using. As a bonus feature of this loan repayment calculator excel, an amortization schedule will also be made through entering the details needed. It is best used with auto, business and mortgage loans.
Here, are some tips that you can use while using this type of loan repayment calculator excel:
Why is there a need for a big sum of payment?
The loan repayment calculator excel is originally intended to be used for vehicle loans. In an auto loan, one needs to make a big payment after a series of the normal monthly payments. Other calculators only calculate the monthly payments and do not have such a feature of a one-time big payment.
The calculator is only an estimation tool.
This loan repayment calculator excel is only used to know the approximate values of the loan. Therefore, there is rounding off of the amounts to make the loan balance zero. It is rounded to the nearest cent. Just be reminded that there are other fees included in auto loans. Therefore, it is still best to get the right amounts from the monetary institution that you have borrowed from.
The calculator is also for repaying mortgages.
This calculator is also best used when buying a house because it also has a one-time big sum payment that is needed in repaying the home loan. However, like the auto loan, the home loan has other fees wherein the calculator will not be able to take in account. Therefore, this loan repayment calculator excel can only give you the estimated amount that you shall need in order to pay off the loan.
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