Bond Calculator, extra payments increased annually

[mountainboy]

Cannot seem to find a calculator that allows for the extra payments to increased annually

eg
Bond R10,000 pm
Extra payments R10,000 pm , to be increased annually by approx 7%

All calculators seems to fix the extra payments at R10,000 until bond is paid up

Anyone?

 

[henry1103]

excel?

 

[NeelsPret]

Cannot seem to find a calculator that allows for the extra payments to increased annually

eg
Bond R10,000 pm
Extra payments R10,000 pm , to be increased annually by approx 7%

All calculators seems to fix the extra payments at R10,000 until bond is paid up

Anyone?

Present Value of Growing Annuity Formula

http://www.financeformulas.net/Present_Value_of_Growing_Annuity.html


that will give you the amount you will be able to borrow vs the calculators non growing annuity

 

[Jehosefat]

I guess you'd have to make it yourself in Excel or something similar. Just bashed one together in about 5 minutes but I can't upload it from work.

In your example (I assumed a R1.1m bond @ 9% with the additional payments increasing by 7% every 12 months) the bond would be paid off in 67 months, with around R305k of interest paid.

 

[mountainboy]

thanks guys

any chance of loading that spreadsheet. My brother showed me to manually enter the increased figures every 12 months, fairly easy since the principle would be paid of in less than 5 yrs