Ultimate Loan Collection

Synopsis

Are your loan repayments confusing and hard to keep track of? Then use our Ultimate Loan Collection to keep track and estimate how much of the principle of a loan you still owe. Use this spreadsheet to analyze your: home, car, student and commercial loans. Plus, analyze whether refinancing a loan is to your advantage. As a bonus, loan amortization graphs illustrate the specific loan amortization schedule.

1 questions and answers

Tell me about tracking monthly expenses my child is repaying

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Tracking monthly expenses that your child is repaying can be done using various methods.

You can use a simple spreadsheet where you record the date, amount, and purpose of each repayment. This will give you a clear overview of how much your child is repaying each month.

Alternatively, you can use budgeting apps or software that allow you to categorize and track expenses. These tools often provide visual representations of your data, making it easier to understand.

It's also important to have regular discussions with your child about their financial responsibilities and progress. This can help them understand the importance of repaying their debts and managing their finances effectively.

Remember, the goal is not just to track the expenses, but also to help your child develop good financial habits.

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Sheets highlights

Commercial loans are different from other loans in that they require a balloon-payment on a given date. Visualize how your balloon-payment changes as you pay more towards your principal across time. Use the refinance comparison graph to compare and contrast several options, to decide whether refinancing a loan is to your advantage.

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Application

Home loan sheet

Start with an "Enter Value" section. User-defined values should be entered in the blue cells. Once this information is in, the payment schedule is automatically calculated. A loan summary is displayed at the top of the sheet, including what scheduled payment will be, the number of payments, total interest to be paid, when the loan will be paid off and total payments made. You can find an optional extra monthly payments section and enter the exact amount that you'd like to contribute to the normal scheduled payments. The additional insights provide an overview of benefits gained by making extra monthly payments.

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The data entered on the home loan sheet is then transferred to the home loan graph. This graph displays the outstanding loan decreasing over time and shows the balloon payment (a large payment due at the end of a loan).

Car loan sheet

Determine monthly payments for a new or used car. You can enter the purchase price, down payment percentage, the value of the trade-in, interest rate and length of the loan. The payment will be calculated automatically along with the total amount you will pay for the vehicle, including interest.

How to use:Enter the unique values applicable to the car loan. Summary of the loan is provided as the monthly total payment (the template makes revision for any potential balloon payments). Values entered in the car loan sheet pull through to the car loan amortization graph, displaying the outstanding loan decreasing over time and the balloon payment.

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Student loan sheet

Enter the value applicable to the student loan, after which the payment schedule will be calculated. Summary of the loan is displayed and additional insights such as total price, fees and interest paid are shown. This data then pulls through to the student loan graph with the outstanding loan decrease, the accumulated principal paid increase and interest paid.

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Commercial loan sheet

Enter applicable values. Note: with the commercial loan, there's a drop-down menu. Whether only the interest should be paid or both interest and principals, simply select "Yes" for interest-only payments or "No" for both the principal and interest to be paid.

Refinance comparison sheet

Enter the details of the current and any potential new loan. The template will compare the old and the new loan, difference in interest and total payment and an indication of when the breakeven point of switching to a new loan will happen.The refinance comparison is illustrated with a graph, where the solid line indicates the new loan and the dotted line indicates the current loan.

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