Home Equity Line of Credit Calculator

This new Line of Credit Calculator can be used to estimate payments for a Home Equity Line of Credit (HELOC) or other general revolving line of credit account. It is a fairly advanced (dare I say complicated?) spreadsheet with multiple payment options to choose from and a fancy variable rate simulation. Use at your own risk.

Simple Loan Calculator

This simple Loan Calculator is meant as an educational tool to see examples of how to use various financial functions in Excel, including the PMT, PV, RATE, and NPER functions.

... more financial calculators

Mortgage Payment Calculator

This free Mortgage Payment Calculator is for comparing various fixed-rate mortgages side-by-side. It can be used for both US (monthly compounding) and Canadian (semi-annual compounding) mortgages and also allows you to enter extra monthly payments.

Interest-Only Mortgage Loan Calculator

By request, I created a new loan calculator specifically for fixed-rate interest-only mortgage loans. It is based on my amortization schedule template, but allows you to enter the IO period in years and make extra payments during that time. At the end of the IO period, the loan is amortized using the current balance and number of years remaining.

Home Mortgage Calculator

This new home mortgage calculator spreadsheet can be used for adjustable-rate (ARM) mortgages or fixed-rate mortgages. It can also be used to calculate the interest savings when making extra payments, and calculates tax returned based on the tax bracket you enter. As you pay down your loan, you pay less interest, and therefore the tax deduction decreases. Also, there is a big difference between the way a fixed-rate mortgage works vs. an variable-rate mortgage when making extra payments.

Home Equity Loan Calculator

I definitely do not advocate taking out a second mortgage if at all possible. In my opinion, it's best to stay out of debt. However, there are those times when needs come up and you have to consider your options, and a home equity loan or second mortgage often provides the lowest interest rates compared to other options.

This collection of home equity calculators, bundled in a single Excel workbook, can be used to help answer some of the following questions:

1. How much can I borrow if I already have a mortgage and other loans?
2. What will my monthly payment be for a fixed-rate home equity loan?
3. How much can I save in interest if I make extra payments?
4. How long will it take to pay off my loan(s)?
5. Could I end up owing more than my home is worth if the value of my home drops?
6. What are the tax deductions from paying interest on my mortgage (if applicable)?

If you are trying to decide between a Home Equity Loan and a Home Equity Line of Credit, make sure you read this article.

Canadian Mortgage Calculators

In the midst of creating a bunch of Excel templates for mortgages and loans, I found out that Canadian mortgage calculations are different than in the US. So, I created a spreadsheet specifically for Canada mortgages.

One of the main differences is that a given mortgage rate is assumed to be compounded semi-annually. US mortgages are usually compounded monthly. I have verified the spreadsheet with a number of online Canadian mortgage calculators, and it checks out. But, I must admit, it is easy to get confused about "annual interest rates" and "effective annual interest rates" and "APR" and all of that.

It turns out that this calculator is much more general now (it can be used for both Canadian and US mortgage calculations). One of the things it doesn't do exactly is "accelerated bi-weekly" payments, but you can estimate this by choose the monthly option, and making monthly prepayments equal to the monthly payment divided by 12.

One of the nice things about making and using calculators in Excel (as opposed to online calculators) is that you can see exactly what the formulas are. So if you are just curious, or want to make sure that the calculations are correct, go ahead and check them out.

Auto Loan Calculator

This new auto loan calculator is a cross between my original loan amortization schedule template and the types of online calculators that you see for auto loans. It consists of three worksheets. The first one provides a break-down of the cost of purchasing a car and calculates the amount that you plan to finance. The second worksheet creates an amortization schedule, allowing extra payments. The third worksheet provides some tables and graphs for comparing different loans.

Amortization Calculator

This online amortization calculator was created based upon a number of Excel spreadsheets. It lets you compare various frequency payment options, including bi-monthly, monthly, and bi-weekly payments. It displays a portion of an amortization table, and provides a table for comparing various payment frequency options.

For the Excel spreadsheet that this amortization calculator was based on, go to Loan Amortization Schedule.

Adjustable Rate Mortgage Template

New ARM loan calculator spreadsheet! This template creates an amortization table and graphs for fully amortized ARM loans. It also allows you to see what will happen when you add extra payments.

Loan Amortization Schedule

This spreadsheet creates a payment schedule for a fixed-rate loan, with optional extra payments. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, or monthly. Values are rounded to the nearest cent. The last payment is adjusted to bring the balance to zero.

Free Simple Amortization Chart Template

Create a basic amortization chart that compares the cumulative interest vs. principal for a fixed-rate loan. Good for gaining an initial understanding of amortization for car loans and home mortgage loans.

Balloon Payment Loan Calculator

I just created a new (free) Excel template for calculating a monthly payment schedule and amortization table for a balloon loan. The web page also describes a little about what a balloon loan is, so that you have an idea of how to use the template.

Enjoy,
Jon