1 min readfrom Microsoft Excel | Help & Support with your Formula, Macro, and VBA problems | A Reddit Community

How to - Loan Repayment Schedule

Our take

Creating a loan repayment schedule in a spreadsheet is a practical way to manage your loan effectively. With a €5,000 loan at 5% interest over five years, you know your monthly payment is €94.36. This guide will help you break down each payment into principal and interest components, illustrating how the interest decreases as you repay the loan. You’ll also learn how to incorporate extra payments, allowing you to pay off your loan early.

I would like to build a spreadsheet as a schedule for loan repayment. Say I want a loan of €5000 payable monthly over 5 years (60 payments) at 5% interest. I know how to use PMT() to get the monthly payment (€94.36).

Now, part of that amount will go towards the loan repayment and part towards the interest. Month after month the repayment part will increase and the interest will decrease. I would like to have 60 rows which show the repayment and interest month by month.

I would also want to have the facility to make extra payments during the month, effecticly paying off the loan early.

I am quite handy with Excel but not so much with finance and related functions. In this respect any pointers, I think, will be enough and I'll moce from there.

Thanks

submitted by /u/OccamsRazorSharpner
[link] [comments]

Read on the original site

Open the publisher's page for the full experience

View original article

Tagged with