Multi-loans Calculator

nbbradshaw

Multi-loans Calculator

I've written a spreadsheet which is compatible with Excel and OpenOffice to help a colleague at work.

The spreadsheet made it clear to him, the true cost of his loans and to see the benefit in paying off the higher interest rate loans first.

More importantly, it let him see that there was light at the end of the tunnel! Something which we all appreciate at times.

I've decided to help other debt wannabe's by making it available in the Internet at

http://www.eggloan.com/multiloans.xls

As you'd expect there's caveat's if you want to use it:-

1.I do not accept any liability whatsoever for the use of this spreadsheet, therefore you should exercise caution when taking any decision.
2.Whilst I've done my best to check for errors, this does not mean that non exist.


There are also a small number of assumptions made by the logic in the spreadsheet:-

1.Your monthly debt payment is at least equal to the minimum payment value of the loan with priority 1, if this is not the case then the monthly payment for the loan with priority 1 should show in red with a yellow background

2.You ensure that all the loans are in the correct priority order i.e. 1 to 10

3.The logic assumes that you will pay at least the minimum amount on each loan, and use any excess to pay off the loan with the highest priority first i.e. Priority 1 loan, then priority 2 loan etc

4.There is no advanced logic used, so it will not reallocate funds from a high interest rate loan to one with 0% interest, for example. I hope to provide this in the future

Hope this helps all debt free wannabe's

Regards
Nigel

nbbradshaw

I should have mentioned that Openoffice is FREE!. You can download it from http://www.openoffice.org/ , although this is not recommended if you have a normal dial-up connection to the Internet.

Openoffice allows you to create documents, spreadsheets and presentations as well as being able to open and save MS Office files. For most home users it's more than enough. I use it all the time and I'm an IT Manager !!!

ZTD

What do the macros do?

nbbradshaw

The macro does nothing!. I recorded a macro to help edit some of the formula then deleted it but for some reason the spreadsheet thinks it still exists. So it's safe to disable macro's, if that makes you feel safer.

I'll post a new version in the coming week which should have no trace of any macro.

nbbradshaw

I've uploaded a fresh copy of the spreadsheet with NO macros!.

http://www.eggloan.com/multiloans.xls

I've also changed the example in the data, the person now has 5 debts including 4 store\credit cards and a bank loan (loan5). The debt repayment is currently £350 (only £327 is needed to cover all the minimum payments) and all debts will be clear by the end of June 2012.

However finding another £50 increasing the debt repayment will see the debt gone by the end of July 2011 and save £904 in the process!.


Regards
Nigel

hbl_2

This is uncanny. I made one of these at work today to see how much interest I could save by paying back certain amounts each month.

Mine was for just one loan though, which is my priority over my student loan (at 2.2 per cent, I'll just meet the interest on that for a while).

It had four headings, PAYMENT, INTEREST, PRINCIPAL, BALANCE. I had one formula which worked out the interest from the previous month's balance [=sum(xx*.0575/12), another which took the interest away from the payment to display how much of the principal was being repaid, and finally the balance which applied the payment less interest.

I was able to figure out that an extra £100 monthly payment would bring my end date forward 5 months and save me a further £180.