Amortization Calculator Extra Payments: Types And Inputs

The amortization calculator extra payments is a calculator that is made using spreadsheets

. Spreadsheets are the workspace that you can use to create calculators and tables via the Microsoft Excel program. The amortization calculator extra payments is able to compute and create a repayment schedule for you. This is done using a compound interest formula or certain functions from the MS Excel. Some amortization calculator extra payments even come with other payment options to make it more convenient for you. You can also alter the occurrence of payments. The choices are yearly, every six months, monthly, twice a month, weekly, or twice a week. The computed amounts are rounded-off because this toll is only for estimation and prediction purposes.

Types Of Amortization Calculator Extra Payments

There are two types of amortization calculator extra payments that everybody can use. So, pick well what best fits your situation.

The first types of amortization calculator extra payments is an interest only amortization schedule. This type of calculator can create a repayment schedule for the user based on his or her given details. The details should only have an interest rate that is fixed all throughout the repayment process. On the bright side, you can choose from different payment occurrences. It also has a special feature where you can check the interests that you have paid for during the loan process.

The second type of amortization calculator extra payments is made for simple interest, unlike the first type. This type of calculator has a default interest that accumulates every day but only based on simple interest. It can also create a repayment schedule for the user.

The amortization calculator extra payments calculates based on the rate of interest, the periods of compounding, and the time period of repayment.

The amortization calculator extra payments needs the interest rate to be able to compute and create and repayment schedule. The interest rate is the one entity that is in its percentage form. It is the percent of the amount of the total loan that gets compounded in a yearly manner. Fortunately, this percentage will only be used in a yearly manner. The percentage of every compounding period is smaller. Therefore, you will have fewer payments to be made.

The amortization calculator extra payments also needs the compounding period. It is the occurrence of the compounding of interest in the loan process. Using the number of compounding per year, you divide the yearly rate with it to get the rate that will be compounded on a certain compounding of the interest. There are times when the payment period and the compounding period are not the same. There are some calculators that are able to compute for this situation. However, most calculators cannot do this. So, be sure to search for a good calculator or a formula for it.

The payment period is also an entity that you must enter in the amortization calculator extra payments. Did you know that, in the United Kingdoms, they use a yearly rate and compute every start of the year? Therefore, the normal payment period will be in a yearly basis. However, what they do there is divide the yearly payment into twelve as monthly dues for the ones who loaned. This results into lower payments. Remember that the fewer the compounding periods are the lower the payments will be.

You can check and learn from using a made-up scenario in the amortization calculator extra payments.

by: William Ava

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