Loan - extra payment benefit formula Part 2

  • Thread starter Thread starter Moily
  • Start date Start date
M

Moily

Hi there, to add on to D2's initial information request I was wondering how
best to calculate the following with just a dashboard of results information:

Criteria:
5 loans
Loans are of different amounts - some very small, some very large
Different interest rates for each loan
Interest rates change regularly
Principals reduce monthly based on minimum amounts
Principals do not increase (other than through interest accruals)

Results:
If I want to pay the minimum amount of interest and if I have an excess each
month over the minimums, which loan would be the best to put that excess
towards on any given month (that I could choose from a drop down list or
something)
If I have different amounts of lumpsums at irregular intervals which loan(s)
would be best to put them towards
How many months will it take to clear all loans
How much interest will have been paid in total at end of payments

Thanks so much for all your help!!!
 
Hi there, to add on to D2's initial information request I was wondering how
best to calculate the following with just a dashboard of results information:

Criteria:
5 loans
Loans are of different amounts - some very small, some very large
Different interest rates for each loan
Interest rates change regularly
Principals reduce monthly based on minimum amounts
Principals do not increase (other than through interest accruals)

Results:
If I want to pay the minimum amount of interest and if I have an excess each
month over the minimums, which loan would be the best to put that excess
towards on any given month (that I could choose from a drop down list or
something)
If I have different amounts of lumpsums at irregular intervals which loan(s)
would be best to put them towards
How many months will it take to clear all loans
How much interest will have been paid in total at end of payments

Thanks so much for all your help!!!
Click to expand...

Why dont you ask your bank to give you amortization table.
 
Because they're held by three different institutions and because an
amortisation table won't answer the questions I need answered.
 
Back
Top