What is Excel Loan Calculator?
An Excel Loan Calculator is a tool designed to help users estimate their loan payments based on specific inputs such as loan amount, interest rate, and loan term. It provides a convenient way to visualize the repayment schedule and total cost of borrowing.
What are the types of Excel Loan Calculator?
There are different types of Excel Loan Calculators available to suit various needs. Some common types include:
Basic Loan Calculator: Calculates simple loan payments based on principal, interest rate, and loan term.
Amortization Schedule Calculator: Shows a detailed repayment schedule including principal and interest breakdowns.
Loan Comparison Calculator: Compares multiple loan options to help users choose the most cost-effective one.
How to complete Excel Loan Calculator
Completing an Excel Loan Calculator is simple with these steps:
01
Enter the loan amount, interest rate, and loan term into the designated cells.
02
Review the calculated monthly payment and total cost of borrowing.
03
Optionally, adjust the inputs to see how changes affect the loan terms.
04
Save or print the calculator for future reference.
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Video Tutorial How to Fill Out Excel Loan Calculator
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Questions & answers
What is the formula for calculating loan amount?
The formula to calculate your monthly loan payment is P = a (r / n). Let's connect each of these letters to the following: P is your monthly loan payment. a is your principal.
How do I calculate a loan in Excel?
=PMT(17%/12,2*12,5400) The rate argument is the interest rate per period for the loan. For example, in this formula the 17% annual interest rate is divided by 12, the number of months in a year. The NPER argument of 2*12 is the total number of payment periods for the loan.
How to create home loan calculator in Excel?
To figure out how much you must pay on the mortgage each month, use the following formula: "= -PMT(Interest Rate/Payments per Year,Total Number of Payments,Loan Amount,0)". For the provided screenshot, the formula is "-PMT(B6/B8,B9,B5,0)".
How do I calculate principal and interest on a loan in Excel?
1:15 5:10 How to find Interest & Principal payments on a Loan in Excel YouTube Start of suggested clip End of suggested clip The number of periods is going to be the term of the loan. Times 12 for 12 months and the presentMoreThe number of periods is going to be the term of the loan. Times 12 for 12 months and the present value is going to be the amount of the loan. Close the parentheses hit enter. And you notice it's 234.
Can Excel calculate loan payments?
PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate. Use the Excel Formula Coach to figure out a monthly loan payment. At the same time, you'll learn how to use the PMT function in a formula.
How do I create a loan schedule in Excel?
How to create an amortization schedule in Excel Create column A labels. Enter loan information in column B. Calculate payments in cell B4. Create column headers inside row seven. Fill in the "Period" column. Fill in cells B8 to H8. Fill in cells B9 to H9. Fill out the rest of the schedule using the crosshairs.
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