Finance calculator for extra contributions

[Hamster]

Is there a financial calculator or formula (formula would be first prize) somewhere that will take into account extra monthly payments and show you the reduced installment per month?

Example:

Loan: R100,000
Term: 72 months
Interest: 10%
Monthly Installment: R2000

Now if you were to pay R500 extra per month but keep the 72 month term the monthly installment should reduce every month.

PS: I'm looking for a calculator/tool, not financial advice.

 

[Sinbad]

Is there a financial calculator or formula (formula would be first prize) somewhere that will take into account extra monthly payments and show you the reduced installment per month?

Example:

Loan: R100,000
Term: 72 months
Interest: 10%
Monthly Installment: R2000

Now if you were to pay R500 extra per month but keep the 72 month term the monthly installment should reduce every month.

PS: I'm looking for a calculator/tool, not financial advice.

Yeah the instalment would drop by the amount you paid in

 

[SauRoNZA]

FNB has an excellent one.

You can even split it into three different contributions to see the different as well as lump sums.

Look under Home Loan Calculator. It only shows up on Desktop for some reason.

 

[SauRoNZA]

Here you go.

https://www.fnb.co.za/calculators/homeloan/BondCalculator.html

 

[Sinbad]

THat one decreases the term.

 

[Hamster]

Reducing the term one is everywhere, the installment one is the difficult one to get hold of. Closest I can find: https://www.mylifemymoney.co.za/Consumer/Tools/Pages/CarLoan-IncreasedPayments.aspx

 

[Hamster]

Yeah the instalment would drop by the amount you paid in

Grrr. I want a breakdown like so:

Month 1 Installment: R2000
Month 2 Installment: R1950
Month 3 Installment: R1899

... all the way down to 72.

 

[Stormer12]

Look for a snowball effect debt calculator. There is a excel version out there

 

[Sinbad]

Grrr. I want a breakdown like so:

Month 1 Installment: R2000
Month 2 Installment: R1950
Month 3 Installment: R1899

... all the way down to 72.

No, seriously. It won't happen like that.

 

[LourensdL]

I made this spreadsheet many moons ago. I think it is what you're looking for.
You can change the values in blue.

 

[Hamster]

No, seriously. It won't happen like that.

No, I get that but still want to get as close as possible. Else I'll write this thing myself.

 

[Hamster]

Look for a snowball effect debt calculator. There is a excel version out there

Schweet, thanks

 

[HeftyCrab]

Check this. Not sure If its exactly what you need.

https://www.property24.com/calculators/bond?Loan=1+000+000&Rate=10.25&Deposit=0&Years=20&Post=True

On the left you can add in extra payments.

Theres also a "show amortization" button.

Example.

https://www.property24.com/Amortization?loan=R 1*000*000&years=20&topUp=R 0&deposit=R 0&rate=10.25

Edit: that last link seems to only work for a short while.

 

[SauRoNZA]

THat one decreases the term.

Reducing the term one is everywhere, the installment one is the difficult one to get hold of. Closest I can find: https://www.mylifemymoney.co.za/Consumer/Tools/Pages/CarLoan-IncreasedPayments.aspx

Oh didn’t read that finely.

Why would you want to decrease the instalment anyway? Wouldn’t you rather wrap it up as quickly as possible?

 

[Hamster]

Oh didn’t read that finely.

Why would you want to decrease the instalment anyway? Wouldn’t you rather wrap it up as quickly as possible?

Yes, I'd want to wrap up a loan as quickly as possible. But I'd still like to see the result of the other side of the coin.

 

[SauRoNZA]

Yes, I'd want to wrap up a loan as quickly as possible. But I'd still like to see the result of the other side of the coin.

Shouldn’t be too painful to get a reasonably accurate formula out that just does an interest calculation based on capital balance remaining.

I mean quick and dirty way would simply be to create a row for each and every month of the loan term.

It’s not very neat but for a 5 year loan should be simple enough and only 60 rows.

 

[Hamster]

Shouldn’t be too painful to get a reasonably accurate formula out that just does an interest calculation based on capital balance remaining.

I mean quick and dirty way would simply be to create a row for each and every month of the loan term.

It’s not very neat but for a 5 year loan should be simple enough and only 60 rows.

I have a basic Google Sheet going that deducts a monthly payment from the principle debt amount and recalculates the compound interest on every row. It's not 100% accurate but gives one an idea of figures.

I've lost some interest to be honest. I reckon if one pump that extra money onto the JSE over the next 3 or so years you'll beat the interest of the loan... risky though

@children - no, I'm not putting it into Bitcoin, Dash, Ripple or whatever the latest coin of the week is.