microsoft excel templates loan calculator

#Microsoft excel templates loan calculator how to#

Extra Payment (Irregular): You will find this column in our first Excel template (on the left).Interest and time savings are mind-blowing. Just check out the total interest saving just adding 20-25$ every bi-weekly.

If your Remaining Years is 28 years and you add some value in this field ( Extra Amount), the rest of the periods (bi-weekly), you will keep paying this extra amount.

Extra (Recurring) Amount You Plan to Add: This is the extra recurring amount you want to add every bi-weekly.

So, I have only allowed Interest Compounding Frequencies: Monthly, Bi-monthly, Quarterly, Semi-annually, Annually. This calculator is made for those who are interested to make their monthly payment in two equal parts twice a month (after every 14 days). For Bi-weekly payments, interest is also compounded Bi-weekly.

Interest Compounding Frequency: Generally, if you make your payments Monthly, interest is compounded Monthly.

Generally, for Mortgage Loans, payments are normally done at the End of the Period.

Payment Type: There are two payment types: End of the Period and Beginning of the Period.

Loan Date (mm/dd/yy): Input the date from when your interest is calculated.

Annual Percentage Rate (APR): This is the Nominal Interest Rate.

Original Loan Amount: Input the original amount of your loan.

Only Value > 1 is accepted in this field. Now you want to start your Extra Payments to pay off your loan faster. Suppose, you have made already 2 years of payments of your 30 years mortgage. The year you will input, after that year your Extra Payment will be counted.

Remaining Years: If you have already made some payments and now you want to start your Extra Payments, input the Remaining Years of your loan.

For home mortgages, it is normally 20-30 years of the period.

Original Loan Terms (Years): This is the original tenure of your loan.

Input these values (in the blue background cells): The first step is to provide your loan details.

#Microsoft excel templates loan calculator how to#

How to Use Our Biweekly Mortgage Calculator Excel Template? 1) Loan Details We divided the monthly payment by 2 to get the bi-weekly accelerated payment. For other templates, we have calculated the bi-weekly payment ( Accelerated) from the monthly payment. In the first template (on the left side of the worksheet), we have calculated the genuine bi-weekly payment ( Equivalent). This Excel template has actually two templates. So, every 14 days, you will make one payment. We have made our Bi-weekly mortgage calculator with 26 payments per year. How Does Our Bi-weekly Mortgage Calculator Work? But if you plan to pay twice a month, your total payments will be 24. So, regular bi-weekly is 26 payments per year. If you pay with the monthly schedule, you will pay 12 times a year. If you pay the loan with the bi-weekly schedule, your total number of payments in a year will be 26 (26 x 14 days = 364 days).