Loan Payoff Calculator Free Downloadable Spreadsheet
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Are you looking for a loan payoff calculator? You’ve come to the right place. Every month, more than 170,000 people visit our site seeking advice on similar matters.
In this article, we’ll address the following questions:
- What is a loan payoff calculator?
- How does interest accumulate?
- Should everyone use a loan payoff calculator?
- How to use our loan payoff spreadsheet?
Sometimes, understanding loans can be a bit tricky. But don’t worry; we’re here to help you figure things out.
What Is a Loan Payoff Calculator?
A loan payoff calculator is an online spreadsheet that helps you list your loans and the loan details. This includes how much you owe, the loan interest, and the minimum payment needed.
You can then input the amount you intend to pay each week or month – perhaps you will make minimum payments every month, or you might end up paying off more than you think. The spreadsheet will calculate how long you have to wait to pay off your loan for the repayment you commit to.
It’s a great tool to see how much you need to pay each month to clear your debt by a certain time, and it can calculate a monthly budget to make sure you don’t overspend.
From my experience, making early repayments on your loan and paying more than the minimum required can reduce the overall interest paid over time. In turn, this can help you become debt-free faster.
As you can see, this MoneySavingExpert forum user can save money by making early repayments. They have confirmed with their lender that no fees will be associated with their early repayments, and the interest will be reduced.
A loan payoff calculator might be a valuable resource if you have a loan debt in the UK and are struggling to meet repayments or just want to stay on track.
Interest and How It Accumulates
Compound interest is a term that describes the interest added on to previously accrued interest. The interest accrued is determined by your loan’s interest rate. This means that your debt will increase over time as you must pay interest on interest.
How a debt solution could help
Some debt solutions can:
- Stop nasty calls from creditors
- Freeze interest and charges
- Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
Monthly income | £2,504 |
Monthly expenses | £2,345 |
Total debt | £32,049 |
Monthly debt repayments
Before | £587 |
After | £158 |
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Should Everyone Use a Loan Payoff Calculator?
Anyone with loan debt may benefit from using a loan payoff calculator.
You might not feel it is necessary if you have a small loan that you pay back each month. The loan payoff calculator can help people who are already in financial difficulty and those who are worried about getting into debt.
Thousands have already tackled their debt
Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.
Natasha
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
Reviews shown are for The Debt Advice Service.
Try Our Loan Payoff Spreadsheet to Manage Your Debt
If you want to use a loan payoff calculator to visualise your way out of debt, you can do it right now. I have carefully designed a loan payoff calculator spreadsheet that anyone can download for free. I’ve already included those tricky equations, so all you have to do is enter your loan details.
It couldn’t be any easier to pave your path out of debt!