Future value formula excel student loan payments

#FUTURE VALUE FORMULA EXCEL STUDENT LOAN PAYMENTS HOW TO#

You'll see that need to pay an extra $954.83 each month for this mortgage, or $1,798.69 in total between a 15-year student loan and your mortgage. If you want to see how much a 30-year mortgage for $200,000 at 4% would cost you, edit your inputs in B2, B3, and B5. If you want more insight into how your monthly payments break down by the end of a 15-year term, scroll to row 189 to see your final payment. For instance, your monthly payment on this loan is about $1,110, but by taking seconds to edit cell B5, you could see that refinancing your loan to a 15-year term would lower your monthly payment to $843 (and D10 shows the corresponding rise in total interest paid from $33,224.60 to about $52,000). Remember those highlighted cells? Go back to the very top, where switching up the numbers in cells B2, B3, and B5 will let you combine any loan principal, interest rate, and loan term to find out how much you'll pay in total interest (cell D8) and how much you'll pay each month (cell C10) for any fixed rate loan.

#FUTURE VALUE FORMULA EXCEL STUDENT LOAN PAYMENTS HOW TO#

Ready? Here's how to use this table to compare any loan.

Finally, enter text into rows 7 and 9 as shown, and fill in numbers 1-360 in cells A10-A369. We also advise highlighting cells B2, B3, and B5 for easy reference-later on, these will be the only cells you'll need to edit when comparing loans. To get started with your own amortization table, open up a new Excel sheet and enter the text shown below into cells A1-A6. It also calculates exactly how much of a given monthly payment goes towards paying down your loan principal versus making your interest payments. Here's how to make a loan repayment schedule, also called a loan amortization table, in a few easy steps.Р”Р‡irst things first: what is an amortization table? This is a schedule that uses information like your interest rate, loan term, and loan principal (the amount you originally borrowed) to determine your monthly payments over the life of your loan. Use an online Loan Amortization Calculator. If you dont want to do all the work of working in spreadsheets, theres an easier way. Likewise, if youРІР‚в„ўre paying an annual rate of 6 (0.06), you should make the periodic interest rate of 0.5 (or 6 divided by 12 months). You'll be able to compare costs and payments, down to the penny, for your fixed rate student loans, mortgage options, and personal loans-all in one spot. For example, a 30-year loan has 360 total periods (or monthly payments).

You, however, can turn your own Microsoft Excel file into the best loan calculator out there. We love easy-to-use loan calculators (in fact, we created one to help MBAs manage their budgets), but few calculators are 'one size fits all.'Р’В Some calculators are useful when you're taking out loans, some for understanding repayment options, and yet others for reviewing student loans or mortgages or personal loans only, but these options leave users stuck when trying to understand the cost of all loans on a monthly or aggregate basis. The One Excel Tool to Figure Out Your Student Loan Payment

Future value formula excel student loan payments