Loan Calculator
Instantly compare monthly payments and total interest across different loan scenarios.
About the Loan Calculator
This professional loan calculator provides a complete toolkit for evaluating any fixed-rate loan. Enter the loan amount, interest rate, loan term up to 30 years, and optional extra monthly payments on the Loan Calculator sheet to see your scheduled payment, total interest cost, and potential savings from accelerated payoff. The companion Amortization Schedule sheet details every monthly payment for up to 60 months, breaking out principal, interest, extra payments, and remaining balance. Data validation guards against invalid inputs, conditional formatting highlights interest savings, and a line chart tracks the declining loan balance over time. For a deeper month-by-month view, explore the companion Amortization Schedule.
Loan Calculator Features
- Scheduled payment and total interest cost calculations
- Extra monthly payment analysis with savings projections
- Detailed amortization schedule for up to 60 months
- Line chart tracking declining loan balance over time
- Data validation and conditional formatting for error-free inputs
How to Use This Loan Calculator in Excel
- 1
Enter loan parameters
Input your loan amount, annual interest rate, and loan term in years on the Loan Calculator sheet.
- 2
Add extra payments
Optionally enter a monthly extra payment to see how much interest you can save and how quickly you can pay off the loan.
- 3
Review payment summary
View the scheduled monthly payment, total interest, and savings from extra payments at the top of the calculator.
- 4
Analyze amortization
Navigate to the Amortization Schedule sheet for a month-by-month breakdown of principal, interest, and remaining balance.
Loan Calculator FAQ
- What types of loans can I analyze with this calculator?
- This calculator works for any fixed-rate loan including personal loans, auto loans, student loans, and home equity loans. Simply enter the loan amount, rate, and term for your specific loan.
- How are extra payment savings calculated?
- The calculator compares total interest with and without extra payments, showing both the dollar savings and the number of months you'll shave off your loan term.
- Can I model a loan term longer than 5 years?
- The amortization schedule displays up to 60 months of detail, but the calculator supports loan terms up to 30 years for payment and total interest calculations.
