Student Loan Payoff Calculator Excel

And with high interest rates the day you finally pay off your debt might be farther away than you think. You should not need to convert to decimal format but make sure the rate is displayed correctly. Enter the interest rate loan amount and loan period and see what your monthly principal and interest payments will be.

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This loan calculator template generates a loan amortization schedule based on the details you specify.

Student loan payoff calculator excel. Use the interest rate on your loan you can either use apr or a stated interest rate if available. Vertex42 provides high quality free excel based loan calculators to both individuals and industry professionals. Download edit in browser. You can use the nper function to figure out payments for a loan given the loan amount number of periods and interest rate.

This calculator provides the same functionality as the downloadable student loan amortization table above but for multiple student loans. Then specify an additional monthly principal payment and see your equity grow and interest reduce. Making payments on your student loans can seem endless. Using our basic student loan calculator you d be able to quickly determine that you d owe approximately 454 each month over the repayment term.

Let s say that you have a student loan for 40 000 and an interest rate of 6 5 and you plan to stick to a 10 year repayment plan. Use this calculator to get an idea of when your loan payoff date will be and ways to make that date not so far away afterall. Get a handle on your student loans and a clear picture of what it will take to pay them off based on your estimated annual salary after graduation. This student loan calculator will help you estimate your monthly loan payments and also determine how quickly you can pay off your student loans.

We believe that a strong basic financial education is the key to living within your means avoiding bad debt and becoming financially secure. The one excel tool to figure out your student loan payment posted march 25 2015 by kaitlin butler we love easy to use loan calculators in fact we created one to help mbas manage their budgets but few calculators are one size fits all some calculators are useful when you re taking out loans some for understanding repayment options. To get started you ll need to know the current current loan balance interest rate and repayment term for each loan. Excel based calculator and amortization table for multiple student loans.

The excel pmt function is a financial function that returns the periodic payment for a loan. Enter the amount you are borrowing. This is an accessible template.