how to calculate student loan repayments in excel

How to decrease payoff time and interest paid for loans

Get your copy of the loan payoff calculator template Then you will be able to see how this information changes as you enter different values into the sheet. So you will be able to see how long it will take to payoff your loan, how much interest you can expect to pay, and the total amount of money that you should expect to pay with interest included. There are also totals that will calculate at the top of the sheet, on columns that have dollar amounts. (See the bottom of this page for definitions of varying loan terminology)Īfter entering your principal balance, the interest rate, and the actual payment amount, the following information will calculate and display on the right side of the template: The “Actual Payment” is what you should adjust to see your payoff information. Note that the minimum monthly payment does not affect the calculations in this template. There is also a place for you to name the loan, as well as a place to enter your minimum monthly payment. The following values are the most important to fill in the template, as they directly affect the payoff calculations:

This loan payoff template will allow you to track and calculate the months/years until payoff for multiple loans, whether you are wanting to track your student loans, your mortgage, or any other fixed rate loan.īelow is a general explanation on how the loan payoff calculator template works, and then after that I will give you specific instructions on how to use the template.

How to calculate student loan repayments in excel