Loan Repayment Calculator Excel – Simple
Version in MS Excel
A loan repayment calculator excel made is the best known calculator as a tool used when
repaying a loan. It is able to produce a schedule that you can use in effective loan repayment.
The loan repayment calculator excel uses rounding-off for the results but would still be able to
give you’re the amount that you need to payoff with a remaining fee of 0. Using this type of
calculator, you will be able to assess how additional payments influence your over-all loan term.
Making a lump-sum payment towards the loan also has influence with your loan and the interest
as well. You should be able to do this through the use of the loan repayment schedule that you
will be able to create with the complete and correct information input in the calculator.
Software used in loan repayment calculator excel
The loan repayment calculator excel template is made with an amazing software called
Microsoft excel. This software can help you make almost all loan calculators using compound
interest formula. Loans with fixed payments, and fixed rate of interest, would be easy to compute
for this type of calculator. However, loans are complicated when it comes to manual
computations. This is the reason why you need the loan repayment calculator excel template.
Steps in Making the Simple Version of Loan Repayment Calculator Excel
Template
The first thing you need for the loan repayment calculator excel is to have data. You should
know the information regarding the loan agreement. The rate of interest is a data that you
shouldn’t forget for the loan repayment calculator excel template. You should also know the loan
period or number of months for you to repay the loan.
Next step in making the loan repayment calculator excel is creating a spreadsheet file in MS
Excel. Make label in the first row of the spreadsheet. It should include: the rate of interest, the
loan amount, the number of months of the loan period, your dues every month, and you first
installment. The first payment is usually the largest sum.
Next step in making the loan repayment calculator excel is to input the correct information below
the corresponding label. For a sample guide, input the rate of interest below the label that says
rate of interest. After this you would need to input the formula which will give you the list of
your monthly payments. In the column where it says monthly payments, input the formula:
=PMT([cell number of rate of interest / 12],[cell number of the number of months],[cell
number of the total loan amount]).
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