Ever wonder if you might find a better loan with another investment, but it’s hard to tell with all the tedious calculations you have to go through? The Loan Payment Calculator was made for just that occasion. This free template allows you to take and compare multiple loan investments and see which one has you paying less on a monthly basis. Whether you’re buying a home, car, or what-have-you, this convenient document is the best tool to help you find the right choice for you. If you want to start using the free Payment Calculator, just read the instructions below for more details.
How to Use the Loan Payment Calculator
Downloading this free template file is as simple as clicking the link at the bottom of this page.
The next step is to enter your initial loan amount. This figure will be displayed in the upper-left hand corner of the page.
You will see a list of categories in the first column under your initial loan and three different columns for your “Scenarios.” Simply enter the relevant information for up to three different loan investments and watch as the template calculates the scheduled payment, cost of loan, total interest, and the total cost of the loan.
You can see which of your three scenarios costs you the most money from interest in the graph to the right.
You can also use the “Payment Schedule” to create a detailed overview of your recurring payment amounts. The final tab, “Loan Calculator Data,” you can see the total amount of payments you’ll make per year, month, bi-monthly, or however you choose to setup your recurring loan payments.
This template just provides you with a fast and free way to compare information for your benefit and ensure you make the right decisions for you.
Download: Loan Payment Calculator