Keeping up with one’s financial calculations can get messy, especially when it comes to interest rates and other banking matters. You can always hire an expert consultant to explain everything and run your matters, but sometimes, especially when it comes to simpler loan calculations, it pays off to learn how it works and use some tools to streamline the job.
In this week’s free MS Excel template, we intend to show you how easily Excel manages to handle these calculations with its intrinsic formulas.
The Simple Loan Calculator for Microsoft Excel uses built-in financial formulas to calculate either the interest rate (using the RATE formula), the loan amount (using the PV formula), the payment (using the PMT formula), or the number of payments (using the NPER formula).
Have a peek at the Simple Loan Calculator Excel Template:
How to use the Simple Loan Calculator Excel Template
You can calculate 4 different types of loans with this free Excel template. A quick description of these types of loan calculations is provided below:
Please note that Periods Per Year is the number of payments per year. Enter 12 for Monthly, 52 for Weekly or 1 for Annual payments.
1- 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.
2- Annual Interest Rate: This calculator assumes a fixed interest rate, and the interest is compounded each period.
3- Payment (Per Period): This is the amount that is paid each period, including both principal and interest (PI).
4- 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.
As you can see, this Excel template is quite useful and easy to learn.
Download your free Excel template “Simple Loan Calculator” here
- Simple Loan Calculator in Office 2013 Excel Document format (xlsx)
- Simple Loan Calculator in Office 2003 Excel Document format (xls)
- Simple Loan Calculator Excel Document in zip file format (zip)
More interest rate calculator Excel templates online:
I made a quick search for interest rate calculators and found some helpful URLs. Hope you find them useful too: