Excel Templates for Compound Interest Loans

[W]

Does anyone make an Excel template for compound interest loans that will
automatically expand out the lines for additional payments, and which will
let you for a given payment specify an arbitrary amount of the original
principal you are repaying?

Every compound interest application I have found so far calculates the next
periods compound interest by adding the last period's interest into the loan
amount. That's fine for purposes of calculating the next interest payment,
but it's bad from the standpoint of keeping track of the original principal.
Repayment of original principal is not taxable, whereas payment of interest
due is taxable, so ideally you would like to have fine tuned control on how
much of each payment is repaying principal.

Does any Excel template offer this flexibility?

 

[Joel]

the Prioncipal is the Payment - Interest. See below


B1 is interest 0.05376

Date Starting in A3

Date Balance Principal Interest Payment
Principal
1/1/2009 188,876.59 189724.4338 847.84 1170.34 322.50
1/1/2009 188,554.09 189400.49 846.40 1170.34 323.94

The principal in B4 is not a formula 188,876.59
formulas in row 5
Balance =B4 - F4 Principal - Balance
Principal =B5*(1+($B$1/360))^30 The pricipal plus interest for current
month
Interest =C5-B5 Principal - Balance from beginning of month
Payment =IF(C5>1170.34,1170.34,C5) The payment is f11730.34 based on the
original loan. the formula is used for the last payment which may not be a
full payment. I entered a different payment is I pay more the the agree
amount.

Principal =E5-D5 Payment - Interest

 

[suzzy]

Hi W,

See the template below, it seems like it could meet your needs.

'SpreadsheetZONE - Free Excel Template Repository
(http://www.spreadsheetzone.com/templateview.aspx?i=21)