Loan Repayment Calculator - Help!!

MustStopSpending

Sorry if this is the wrong place to post or if this is an old subject but I'm newish here!

I just wondered if anyone had developed a spreadsheet type thing that I can use to work out monthly how my loan is decreasing? The figures are as follows:

Loan borrowed - £11,733.49 (total payable £14,502.60)
Fixed at 6.4% for 84 months.
Monthly payment- £172.65 - first payment taken March 2006
Interest calculated daily
Outstanding amount as of today, 27/09/2006 - £10,936.28 (excluding any interest to be accrued)

I tried just doing one with total amount pyabale less the montly payment every month but my workings didn't make it clear in the 84th month?!

I'm off home now after a hard day at office but will log on first thing to see if there has been a response!

Thanks guys!!

savvy

Not sure if the snowball calculator might work for you??

grumbler

This calculator gives slightly different figure for monthly payments - 173.67. Probably this discrepancy can be explained by the fact that loan started somewhen in the middle of the month and the payment date differs from the start date. However, your current balance is closer to the October figure produced by the calculator, and this cannot be explained by such a small difference in monthly payments.
This calculator gives the same results.

save-a-lot

Hi

Try this one accelerated debt pay-off calc - this works out the number of payments and shows a schedule of payments. Also calculates the effects of overpayments if required.