Download Car Loan Calculator Excel

We have offered a downloadable Windows application for calculating mortgages for many years, but we have recently had a number of people request an Excel spreadsheet which shows loan amortization tables.

loan term in years - most fixed-rate home loans across the United States are scheduled to amortize over 30 years. Other common domestic loan periods include 10, 15 & 20 years. Some foreign countries like Canada or the United Kingdom have loans which amortize over 25, 35 or even 40 years.

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payments per year - defaults to 12 to calculate the monthly loan payment which amortizes over the specified period of years. If you would like to pay twice monthly enter 24, or if you would like to pay biweekly enter 26.

optional extra payment - if you want to add an extra amount to each monthly payment then add that amount here & your loan will amortize quicker. If you add an extra payment the calculator will show how many payments you saved off the original loan term and how many years that saved.

Vertex42 provides high quality free Excel-based loan calculators to both individuals and industry professionals. We believe that a strong basic financial education is the key to living within your means, avoiding bad debt, and becoming financially secure. We hope that our loan calculators can help you make better decisions and save money.

Instead of making estimations (like the Line Of Credit calculator above), this spreadsheet is designed for lenders or borrows to track or service a line of credit account. You enter draws and payments or changes in interest rate on the actual dates they occur.

This is the ultimate "second-mortgage" calculator. Hopefully, you'll never need to use it. It can help answer the questions (a) How much can I borrow? (b) What will my monthly payment be? (c) How much equity will I have in N years?

Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at an annual interest rate of 12 percent, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12 percent for rate and 4 for nper.

Some loan calculations can be very simple, and the purpose of the simple loan calculator spreadsheet below is to demonstrate this with Excel. Unlike many of our other mortgage and loan calculators, our Simple Loan Calculator uses just the basic built-in financial formulas to calculate either the payment (using the PMT formula), the interest rate (using the RATE formula), the loan amount (using the PV formula), or the number of payments (using the NPER formula).

This loan calculator uses the PMT, PV, RATE, and NPER formulas to calculate the Payment, Loan Amount, Annual Interest, or Term Length for a fixed-rate loan. Useful for both auto and mortgage loans. See below for more information.

Use this option when you know how much you need to borrow and want to find out how the interest rate or term affects your payment. For example, a 5-year, $15,000 loan at 7.5% interest results in a monthly payment of $300.57. The total interest paid over the life of the loan is calculated to be $3,034.15.

Use this option when you know how much you can afford to pay each month and want to find out how large of a loan you might get. Keep in mind that there may be other fees in addition to standard loan payment (principal+interest), such as insurance, taxes, etc.

Use this option if you want to pay off your loan early by making extra payments. For example, refer back to the example for Option A. For the same loan amount and interest rate, if you pay $60 extra each month or $360.57, the term is calculated to be 4.03 years (instead of 5 as in option A) - meaning you'd pay off your loan almost 1 year early. You'd also end up paying about $600 less interest overall. This assumes that there are no penalties for making extra payments.

Some people prefer to get loans with longer terms and make regular extra payments. The benefit of this approach is that if you run into hard times, you can stop making the extra payments. The downside is that if you don't have the discipline to make the extra payments, you'll end up paying more interest overall.

Here's another iteration, one with which I feel more confident. The final result is in a green box at the top, and I think I've done it--assuming these calculations pass CPA muster--in such a way that you can change the total loan, change the interest rate, and the sheet will still calculate. The 60 months overall period is built in (but readily changed if that level of flexibility becomes attractive).

Creating a loan calculator can be a complex task, especially when you're factoring in periodic drawdowns. Have you considered reaching out to a professional to assist you with this project? They may be able to provide the expertise you need to ensure that your loan calculator functions as intended. Additionally, there are many resources online, such as forums and online communities.

One of the best features of Excel is its ability to calculate your mortgage-related expenses like interest and monthly payments. Creating a mortgage calculator in Excel is easy, even if you're not extremely comfortable with Excel functions. This tutorial will teach you how to create a mortgage calculator and amortization schedule in Microsoft Excel.

This might be more math based as I'm not sure if this is something wrong with my excel PMT function or just how they are calculating it versus online mortgage calculators, but I am getting different values and its throwing me off.

Whenever you take out a loan, whether it's a mortgage, home loan or car loan, you need to pay back the amount you originally borrowed and interest on top of it. In simple terms, interest is the cost of using someone's (usually a bank's) money.

The interest portion of a loan payment can be calculated manually by multiplying the period's interest rate by the remaining balance. But Microsoft Excel has a special function for this - the IPMT function. In this tutorial, we will go in-depth explaining its syntax and providing real-life formula examples.

IPMT is Excel's interest payment function. It returns the interest amount of a loan payment in a given period, assuming the interest rate and the total amount of a payment are constant in all periods.

If you make weekly, monthly, or quarterly payments, divide the annual rate by the number of payment periods per year, as shown in this example. Say, if you make quarterly payments on a loan with an annual interest rate of 6 percent, use 6%/4 for rate.Per (required) - the period for which you want to calculate the interest. It must be an integer in the range from 1 to nper.Nper (required) - the total number of payments during the lifetime of the loan.Pv (required) - the present value of the loan or investment. In other words, it is the loan principal, i.e. the amount you borrowed.Fv (optional) - the future value, i.e. the desired balance after the last payment is made. If omitted, it is implied to be zero (0).Type (optional) - specifies when the payments are due:0 or omitted - payments are made at the end of each period.1 - payments are made at the beginning of each period.For example, if you received a loan of $20,000, which you must pay off in annual installments during the next 3 years with an annual interest rate of 6%, the interest portion of the 1st year payment can be calculated with this formula:

=IPMT(6%, 1, 3, -20000)

Examples of using IPMT formula in ExcelNow that you know the basics, let's see how to use the IPMT function to find the amount of interest for different frequencies of payment, and how changing the loan conditions changes the potential interest.

To get the interest portion of a loan payment right, you should always convert the annual interest rate to the corresponding period's rate and the number of years to the total number of payment periods:

Looking at the screenshot below, you can notice that the interest amount decreases with each subsequent period. This is because any payment contributes to reducing the loan principal, and this reduces the remaining balance on which interest is calculated.

Also, please notice that the total amount of interest payable on the same loan differs for annual, semi-annual and quarterly installments:

Full form of the IPMT functionIn this example, we are going to calculate interest for the same loan, the same payment frequency, but different annuity types (regular and annuity-due). For this, we will need to use the full form of the IPMT function.

That's how you use the IPMT function in Excel. To have a closer look at the formulas discussed in this tutorial, you are welcome to download our Excel IPMT function sample workbook. I thank you for reading and hope to see you on our blog next week!

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Hi, thanks for a great article. I tried to use this formula for a 3 year loan where I have no principal, i.e. only interest and with a constant interest rate, but it didn't seem to work. Under these circumstances the initial loan amount is the same as the final loan amount at the end of the loan (repaid in full/refinanced at other terms then), and as such, the interest in year 1, 2 and 3 should all be the same. But when I used these arguments in the formula, the total interest paid at the end of each year decreased every year, it didn't stay constant. Do you know what I'm doing wrong? Or can't this formula be used for loans without repayments? Thanks! 2351a5e196