Simple Loan Calculator


Published on

Excel Templates

Published in: Business
  • Be the first to comment

  • Be the first to like this

Simple Loan Calculator

  1. 1. Simple Loan Calculator Help © 2008 Vertex42 LLC Periods (Payments) Per Year 12 Option A: Solve for the PAYMENT Loan Amount $15,000.00 Annual Interest Rate 7.500% Term of Loan (in Years) 5 PAYMENT $300.57 Total Interest $3,034.15 Option B: Solve for LOAN AMOUNT Payment Annual Interest Rate Term of Loan (in Years) LOAN AMOUNT --- Total Interest --- Option C: Solve for INTEREST RATE Loan Amount Term of Loan (in Years) Payment Annual INTEREST RATE --- Total Interest --- Option D: Solve for TERM of LOAN Loan Amount Annual Interest Rate Payment TERM of LOAN (in Years) --- Total Interest --- Caution: Results are only estimates. Interest rates may vary, values may be off due to rounding, and the calculator does not take into account fees, extra payments, tax deductions, etc. Please consult a qualified professional regarding financial decisions. [42] © 2008 Vertex42 LLC
  2. 2. Help 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. Caution: This calculator is only for educational purposes. The results are only estimates. The calculate does not include rounding, fees, missed payments, and other factors that may be important when making loan decisions. Please consult a qualified professional regarding financial decisions. Periods Per Year The number of payments per year. Enter 12 for Monthly, 52 for Weekly, 1 for Annual etc. Loan Amount This is the amount that you have borrowed. You can also enter your current balance, if you also adjust the Term of Loan to be the number of years left to pay off the loan. Annual Interest Rate This calculator assumes a fixed interest rate, and the interest is compounded each period. Payment (Per Period) This is the amount that is paid each period, including both principal and interest (PI). Term of Loan (in Years) Mortgage loans usually have 15 or 30-year terms. Auto loans are usually between 2 and 5 years. For a 6-month term, enter =6/12 or 0.5. If you entered your current balance in the Loan Amount, then for the Term enter the number of years you have left until your loan is paid off.