Formula to calculate interest only on a short term loan?
I am trying to calculate monthly INTEREST ONLY payment on a short term bridge/swing loan. Assuming an interest rate of 2.75%, paid monthly, Also assuming it will be required for a 3-6 month period, amount approx $500,00. Just switched to Excel 2007 but don't seem to be able to calculate using the formula builder. Not sure if it is compounded daily or monthly.
Is there a way make an amortization schedule for an interest only
loan? It would compute the schedule from the loan amount, term of the loan, interest only period, and interest rate.
I am trying to calculate the interest I would save if I were to pay an additional amount toward the principle of a loan, a certain amount of times a year, starting at a particular month in the loan term. For example,
Loan Amount = $100,00
Interest Rate = 6.375%
Loan Start Date = 12/1/03
Additional Payment = $100
Number of Times Per Year = 12
Add. Payment Start Date = 12/1/08
I know I have pulled up prepared loan amortization functions in excel where
you enter the loan amount interest rate term etc and it will calculate the
payments - I cannot find it now - can someone remind me how to find them
This might be more of a finance/math question but I'll post it and see what you think. I have never seen a lender issue a loan on a descending interest rate scale. In the attached, you'll see what I propose as a standard calculation and in the middle columns, you'll see what the lender has provided. Since it was a PDF, I had to hard code and then calculate the implied interest rate (Column O). The part that I don't understand is the loan is supposed to carry an interest rate of 9.75% but I can't calculate that - I get a weighted average of 9.23%.
To complicate the issue, there was a credit issued in December 2011 which is why you'll see the cells highlighted in yellow. One would think of this as a prepayment but I suppose the lender wants to maintain the original duration so they have elected to reset the payments.
Related Applications & Scripts
AffordaBilly is a simple interest loan calculator, similar to "VeryInteresting" but focused on determining how large a loan the user can afford, given an interest rate and length of the loan in years. Users can choose monthly or bi-weekly payments. The results will show the maximum amount of a loan that the user can afford based on the monthly payment and interest rate. This is a very simple, yet nice educational tool for showing just how much only 1 or 2% interest can make a difference over the course of time. I think it's cool to have students calculate the loan they can afford with a monthly payment, then have them cut that in half and choose "Bi-Weekly". For example, over the course of a 30-year loan at 7% interest, a Bi-Weekly payment of 325 will let you afford about ,000, whereas a Monthly payment of 650 will only let you afford ,000. Take the interest from 7% to 8% over the same term, and you can only afford about ,000. And students wonder why they should care about interest rates and other math stuff? :-) AffordaBilly is a blatant ripoff of the VeryInteresting payment calculator, also available for download from this site.
Additional payment calculator
How much do you save by paying more or making additional payments than your initial mortgage terms?
Monthly payment calculator
Want to know how much your monthly payment is for your mortgage?
How much do I have to earn?
Not sure how much money you'll have to earn to afford your house payment and accompanying expenses?
How much can I borrow?
Want to know how big of a mortgage you can take on?
Should I pay discount points?
Not sure if you should pay discount points on your mortgage loan?
How much will I save by refinancing my loan?
How long will it take to recoup the costs of refinancing my home mortgage?
How much will my tax deduction be?
Want to know how much your home mortgage will save you in taxes?
Bi-weekly mortgage calculator
Want to know how much time and money you'll save paying off your loan on a bi-weekly payment plan?
To find out the annual percentage rate of your loan, enter the loan amount, interest rate, points, other costs
and year-length term.
Interest only monthly payment calculator
To find out the monthly savings you could gain from an interest-only payment plan.
The Loan Spread Repayment Calculator is a calculator which shows you the amount paid by you for a loan for a range of interest rates in form of a spreadsheet.
It calculates the amount to be paid for a loan for a given principal from 3 % to 25 % at increment of 0.25 %. It also shows the payment amount for all interest rate when principal is increased by a certain value. User can adjust the increment value for principal. So, you can compare 150 types of loans at a time.
Given a payment amount, a loan or credit card balance, and an interest rate, PayBackTime will tell you how long it will take to pay off that loan or credit card, including the total interest you'll pay and total number of payments. This can be extremely interesting to consumers shopping for credit or a loan, as you can see how a small increase in payment or decrease in interest can shorten the payoff period. Calculates for both bi-weekly and monthly payments.
This is a set of fully rebrandable mortgage calculators that could be integrated into your web site in minutes. Main features are: CSS design for rapid integration, amortization tables, full source code.
- Mortgage payment calculator
- Mortgage Loan with Interest-Only Period Calculator
- Mortgage principal calculator
- Mortgage length calculator
- What If I'll Pay More Every Month?
- and many more...