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Author: admin | Category: Auto Car Loan Calculator | Date: 17.05.2016

An amortization schedule is a list of payments for a mortgage or loan, which shows how each payment is applied to both the principal amount and the interest. This spreadsheet-based calculator creates an amortization schedule for a fixed-rate loan, with optional extra payments. Start by entering the total loan amount, the annual interest rate, the number of years required to repay the loan, and how frequently the payments must be made. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, bi-weekly, or weekly.
The Commercial Version allows you to use this spreadsheet in your loan or financial advisory business.
The header includes a place for the borrower's name and your company info: View Screenshot.
The Vertex42 logo and copyright are outside the print area so that they don't show up when you print the schedule. This spreadsheet provides a more advanced way to track actual payments than the Payment Schedule included in the standard Loan Amortization Schedule.
Usually, the interest rate that you enter into an amortization calculator is the nominal annual rate. Basic amortization calculators usually assume that the payment frequency matches the compounding period.
Some loans in the UK use an annual interest accrual period (annual compounding) where a monthly payment is calculated by dividing the annual payment by 12.
There are two scenarios in which you could end up with negative amortization in this spreadsheet (interest being added to the balance). A loan payment schedule usually shows all payments and interest rounded to the nearest cent. When an amortization schedule includes rounding, the last payment usually has to be changed to make up the difference and bring the balance to zero. With this template, it is really quite simple to handle arbitrary extra payments (prepayments or additional payments on the principal). If you are on your last payment or the normal payment is greater than (1+rate)*balance, then pay (1+rate)*balance, otherwise make the normal payment. Credit Score – It is basic knowledge that borrowers who have a credit score at the prime level get lower interest rates while borrowers who have a score that falls below that line get higher interest rate.
Type of Car – If you are buying a used car, the interest rate will be higher than new car loans. No car buyer would not want a low interest rate for his or her auto loan.  Indeed, buying a car is expensive and if one would take a loan to make the car purchase, it is going to be more expensive. People can get an auto loan from various sources such as, banks, credit unions, car dealerships and online loan companies.  To find the best auto loan rates, borrowers should look at these sources considering that the best auto loan rate can be found anywhere among the sources.
When looking for the best loan offer, borrowers should keep in mind the budget they have set beforehand and to stay with it no matter what.  Otherwise, they are putting themselves in danger of defaulting the loan or worse, bankruptcy.
Lastly, the geographic location is also considered as a factor which determines the auto loan interest rate.  The lowest rate offered in one part of the country may not be the lowest rate offered in another, and this is a good reason for borrowers to check out deals outside their local dealerships. For the financial newbies out there, a "loan amortization" is simply a breakdown of any loan's payments and balances over the life of the loan.


The first worksheet in the spreadsheet file contains the instructions, but a few items ought to be covered here, too.
As noted above, the first worksheet in the file is the INTRO page, with instructions and such.
The QPC's one and only goal in life is to calculate the monthly payment of any fixed-rate, fixed-term loan.
Let me stress this: The amortization schedule built by this worksheet is intended for any fixed-rate, fixed-term loan or mortgage of up to 480 months (40 years) duration. If you are making (or plan on making) additional contributions toward the loan's principle every month, enter the amount of this "Regular Add'l Contribution" in Cell F9. This particular spreadsheet is set up to allow users to track the loan's amortization over time.
The Vertex42™ Amortization Schedule spreadsheet creates a payment schedule for a fixed-rate loan, with optional extra payments. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, semi-monthly, bi-weekly, or weekly.
The schedule shows the remaining balance still owed after each payment is made, so you know how much you have left to pay.
Then you can experiment with other payment scenarios such as making an extra payment or a balloon payment.
You can also make multiple copies of the Schedule worksheet within the same workbook, to compare different loans and scenarios. It can be used to estimate a payment schedule for a Simple Interest Loan or Simple Interest Mortgage, in which the interest accrues daily in a separate interest accrual account. It allows you to create a payment schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period.
However, when creating an amortization schedule, it is the interest rate per period that you use in the calculations, labeled rate per period in the above spreadsheet.
In that case, the rate per period is simply the nominal annual interest rate divided by the number of periods per year. With the help of an auto loan calculator, which can be accessed online for free, make some computations and forecasting of your expenses. In other words, an amortization shows you how much principle and interest you're paying, month by month, until the loan is retired. If you decide to make any "One-Time Add'l Payments," you can enter these in Column H, in the amortization itself. Whether you make payments at the beginning or the end of the month makes a difference, for instance. But because printers tend to be a bit testy with these sorts of things, I can't promise that this will be the case on everyone's machine.
I would ask, though, that if you're someone who's in substantial debt, and working like crazy to get out, that you please refrain from making a donation to IYM. OpenOffice.org and the seagull logo are registered trademarks of The Apache Software Foundation.
To create an amortization schedule using Excel, you can use our free amortization calculator which is able to handle the type of rounding required of an official payment schedule.


Make sure to read the related blog article to learn how to pay off your loan earlier and save on interest.
When the compound period and payment period are different (as in Canadian mortgages), a more general formula is needed (see my amortization calculation article).
The way to simulate this using our Amortization Schedule is by setting both the compound period and the payment frequency to annual. The second is if you choose a compound period that is shorter than the payment period (for example, choosing a weekly compound period but making payments monthly). Changing the Payment Amount makes more sense to me, and is the approach I use in my spreadsheets. For fixed-rate loans, this reduces the balance and the overall interest, and can help you pay off your loan early.
When studying car loan quotes look at the APR or the annual percentage rate and not the interest rate which is charged on every monthly payment.
To find out what your credit score is, request a copy of your credit report from a reputable credit bureau.
You can use the free loan amortization schedule for mortgages, auto loans, consumer loans, and business loans. Many loan and amortization calculators, especially those used for academic or illustrative purposes, do not do any rounding. So, depending on how your lender decides to handle the rounding, you may see slight differences between this spreadsheet, your specific payment schedule, or an online loan amortization calculator.
But, the normal payment remains the same (except for the last payment required to bring the balance to zero - see below). You may need to change this option if you are trying to match the spreadsheet up with a schedule that you received from your lender.
The APR is the interest rate charged annually and this gives you a better picture of how costly or money-saving a loan offer is. If you opt to payoff your car loan in a short loan term, your monthly payments will be compressed in fewer months so they will appear bigger. If you are a small private lender, you can download the commercial version and use it to create a repayment schedule to give to the borrower. This spreadsheet rounds the monthly payment and the interest payment to the nearest cent, but it also includes an option to turn off the rounding (so that you can quickly compare the calculations to other calculators).
Moreover, as you make some calculations, pay attention to the total loan amount paid at the end of the term.
However, the interest added on them will not be that much since you only have a few months to repay the loan. This amount tells you how much you will be spending on the loan all in all at the end of the loan term. On the other hand, if you choose to repay a loan in a long term, the monthly payments will appear smaller because they are distributed to more months.



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