During a session of surfing the internet, one person asked if an on-line payment calculator was accurate. I thought, “you know, I bet many of our readers that are not members have the same question!” I have one of my own on an Excel Spreadsheet that I have used for years as a banker and later as a Fund Manager for Castle Rock. We put a full amortization schedule in the member’s section, but how but why not give you the Excel formulas to build your very own. Here is how to do it:
If you use the “A” Column for your Labeling and Your “B” column for the actual numbers, then try the following: A1 = Loan Amount, B1 = (whatever your loan amount is…keep filling this in for the appropriate numbers); A2 = “Annual Interest Rate”, A3 = “Loan Term (Months)”, A4 = “Start Date (XX/XX/XX format)”, A5 = “First Payment Date”, A6 = “End Date” (Note: B6 will have the formula “=DATE(YEAR(B4),MONTH(B4)+B3,DAY(B5))”; A7 = “Extra Principal Payments”; Row 8 is left blank to provide you a space to keep it neat, and A9 =”Monthly Payment” with B9 having the following formula “=PMT((B2/B3)*(((B6-B4-2))/360),B3,B1*-1,0,0)”.
DISCLAIMER: WE DO NOT GUARANTY THAT THIS WILL BE ACCURATE ALL OF THE TIME. BE SURE TO TEST IT AGAINST OTHER ON-LINE CALCULATORS YOU SHOULD NOT RELY SOLELY ON THIS TO CALCULATE PAYMENTS. THIS IS JUST TO HELP YOU QUICKLY ESTIMATE PAYMENTS AND SHOULD NOT BE THE SOLE THING THAT YOU RELY ON!
Let me know if that works by sending us an email through the contact section of the site. I hope it helps you out. Good luck!