Using this template calculator, you can calculate the benefit of extra payment on your loan. If you have a loan running and you want to know what happens when you add some extra payment, this template will tell you how it will affect your loan term or any other parameter.
In this template, you can input the loan amount, annual interest rate, term of the loan in years, extra payment to be made each month and remaining months of payment for loan term. The template will then automatically calculates the change in monthly payment, total months of loan term and total interest that needs to be paid.
|Name:||Extra Payment Analyzer Template|
|Tags:||Extra payment analyzer template google sheets|
Screenshots of the template:
What is extra payment during the loan term?
Extra payment during loan term is additional payment of principal that is made during the life of a loan.
How extra payment will affect the loan?
Extra payment will reduce the remaining balance of the loan, as well as the total amount of interest that must be paid over the life of the loan.
How to calculate the effect of extra payment on the loan term?
The effect of extra payment on the loan term can be calculated using a loan calculator.