Interest-Only Loan Calculator
Excel and Google Sheets Template
What's Inside the
Interest-Only Loan Calculator Template?
Details | 2 SheetsĀ
Supported Versions (All Features)Ā | Excel 2019, Office 365 (Mac), Google Sheets
Supported Versions (Significant Features)Ā | Excel 2016, 2019, Office 365 (Mac), Google Sheets
Category | Finance
TagsĀ |Ā Loan, Amortization, Interest
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Inside Our Interest-Only Loan Calculator Excel and Google Sheets Template
Maintaining an amortization schedule is a great way to keep track of your personal finances to set you up for financial success. Not everyone has an accountant or bookkeeper though, so going through the hassles of creating your own schedules may prove to be a tad bit too tedious for anyone
Our Interest-Only Calculator Template gives you just what you need in order to do just that. The template makes it easy to set up an amortization schedule for a fixed-rate loan. Your loan has an interest-only period? Do you want to make extra payments per period? We’ve got you covered.
Before going into using this template, be sure to check out the Expense Report, Budget Goal Seek, and Loan Amortization Schedule templates.
Each template is useful for maintaining your loan schedules, keeping track of your finances and much more.We start and end in the Interest Only Loan Calculator Sheet. In the table under the Financial Data label, input the pertinent details such as the loan amount, annual interest rate, the term of the loan in years, the first payment date, the payment frequency, the interest-only period (if it applies), and the payment type.
Once everything is provided, the Amortization Schedule table will be populated automatically with the highlighted dates being the ones that are within the interest-only payment period.
The Summary table gives you some quick stats such as the rate per period, number of payments, years to pay off, total payments, total interest, estimated total savings, number of periods, traditional loan payments, interest-only payment, and payment after interest-only period.
If that wasn't enough reason to get this template, did you know this template is compatible with Google Sheets? Collaborate with your co-workers in real time and enjoy the cloud auto-save feature of Sheets when you use this template!
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