#student loan calculator
Excel Loan Calculator
By Justin Pritchard. Banking/Loans Expert
Justin Pritchard helps consumers navigate the world of banking.
Running numbers is easy with an Excel loan calculator. Microsoft Excel includes built-in tools and formulas so you can get information quickly. The Excel loan calculator shows all the details about your loan, and helps you figure out how to repay it early.
Creating an Excel Loan Calculator
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- In Excel, right-click on the tab of sheets at the bottom ( Sheet1, Sheet2, etc ).
- Select Insert
- In the popup box, choose the Spreadsheet Solutions tab
- Double-click the Loan Amortization option
You can also use the File menu and click New. Then, look for Templates On my computer. (it might also be in Sample Templates ).
Using the Excel Loan Calculator
Plug your loan’s information into the box that says Enter Values . You’ll see basic details in the box titled Loan Summary . More information on each payment appears in an amortization table below.
An Excel loan calculator makes it easy to see how things (such as your payment) would change if you change the interest rate. Just change one of the values and the rest of the spreadsheet will update instantly.
You can also see what happens if you pay more than your minimum payment. By paying a little extra, you’ll save on interest costs and pay the loan off early.
Using Excel Loan Calculator Data
Suppose you want to copy, paste, slice, and dice the date from Excel’s loan calculator.