Taking out a loan can be a complicated procedure, but finding out if it is even a good idea can be even more difficult.
How much do you pay each month? How much you pay in interest during the term of the loan? How long will it take to pay off??
Here's how to find out everything.
The amortization plan
To find out the details of your loan, use an amortization schedule, which is just a fancy name for a financial calculation. 15 helpful spreadsheet templates to manage your finances 15 helpful spreadsheet templates to manage your finances always keep track of your financial health. These free spreadsheet templates are just the tools you need to manage your money. Read more, which indicates your payments, the balance and the interest paid. In short, you'll get all the information you need to figure out if you can afford to take out a car loan, mortgage or other type of loan. It's also useful to look into the future of a loan you already have.
Here's an example of the input information you might need for a home mortgage calculator and the kind of details you'll get:
As you can see, this particular table can take into account a variety of factors, including special payments, taxes and homeowners insurance. In addition, you can provide many useful figures, such as the balance due at a given time and the highest monthly payment you might have to pay on a variable-rate loan.
At the bottom of the table is the actual payment schedule, which shows the amount you paid of the total amount, the total amount and the interest due. In addition, you can add additional payments to repay the loan faster. This will update the estimates at the top of the page.
If you're not looking at spreadsheets that are specific to mortgages, you don't have to enter as much information. Using a simpler tool, here's how I got a loan for 50.000 USD borrowed at an interest rate of 6.2% for a 10-year repayment plan:
This simple calculator will give you the total amount you will pay on the loan, as well as the interest amount you will pay.
Simple calculators like this are not case sensitive. Therefore, you need a more complex spreadsheet (especially if you are interested in paying off your student loans.) how to save thousands: consolidate your student loans thousands: consolidate your student loans the average 2015 college graduate must take out loans totaling 35.Repay $ 000. Here's how credit consolidation can help. Read more in as little time as possible..
Loan calculator for car, home and more
There are countless different loan calculators and repayment plans available, and a quick search will yield thousands of results. To save you the trouble of sorting through them all, I've found some of the best ones available.
Excel mortgage calculator
After downloading this vertex42 spreadsheet and entering your mortgage information, you'll get the amortization schedule, total cost information, and useful tax information. Here's how to estimate how much tax you've recouped by claiming your mortgage interest on your tax return. There is even a graph that shows your balance over time.
Excel auto loan calculator
Another excel spreadsheet (loan) from vertex42. The auto loan calculator takes into account a variety of fees you may not think about when calculating the cost of a car.
May include title transfer and registration fees, trade-in information, cash rebates, state sales tax, service contract and other miscellaneous costs. There's also an amortization schedule and a sheet to compare the amount you'll pay with different loans.
Excel repayment calculator
Vertex42's general amortization calculator doesn't have as many options as the mortgage or auto loan sheets, but if you're just looking for a simple loan calculator for excel, this sheet is perfect. You can adjust the payment frequency, interest frequency, and other factors to see how they affect the loan over the life of the loan.
Customizable google sheets repayment spreadsheet
Use this amortization schedule from google sheets to enter basic information about a fixed-rate loan. You also get the payoff schedule and a running total of the interest you've paid.
One of the best features of this loan calculator is that for each additional payment, the table at the top right of the sheet tells you how much you will save in interest and how much faster you can pay off the loan this can be very useful if you are not sure how much to budget for loan payments.
To use this in your own google sheets, click on the link above and then click on use this template button at the top of the screen.
Fast online amortization calculator
If you don't need a full-fledged calculator and just want an idea of how much interest you're willing to pay on a simple loan, www.Amortization-calc.Com a good place to start.
Enter four numbers (loan amount and term, interest rate and your zip code), and you'll get a simple schedule and the total amount you'll pay.
In case you're wondering, your zip code is used to provide you with some ads on possible places where you could get credit. Just hit amortization schedule on the results page to skip it all.
Know what you are getting into
Knowing whether you can afford a car loan, mortgage or other type of loan can be a big help in deciding whether or not to take it out. When peer-to-peer lending personal loans online – how peer-to-peer lending is changing the game personal loans online – how peer-to-peer lending is changing the game A number of services on the market allow lenders to extend credit and borrowers to access money without doing business with a bank. You shake up the financial game. Read more is not an option, and banks that try to sell you a loan will not give you the answers you need. These excel and google sheets templates should do the trick.
Once you've figured out your loan details, you can add them to your excel budget. Create a personal budget in excel in 4 easy steps. Create a personal budget in excel in 4 easy steps. Have so much debt that it will take decades to pay off? It's time to create a budget and apply a few excel tricks to help you pay off your debt faster. Learn more or google drive financial management tools 10 money management tools in google drive you should be using today 10 money management tools in google drive you should be using today the problem with money is that if you don't manage it, you don't make it. How about some useful money management tools to help you get started with your google drive account? Read more, and you can do all the calculations you need to figure out if you can afford a loan.
What do you use to get the calculations for your loans? Have you used these tools or do you prefer others? Share your best tips below