The other day I got an email from a reader looking for some sort financial spreadsheet that would help her calculate how early she would be able to pay off her auto loan…
Hello! I have been reading ChristianPF articles for a few months now and have found so much useful information in the archives! I am currently searching for an Excel spreadsheet for a loan payment schedule. I have found many that deal with the “debt snowball” approach, but have not been able to find one which takes into account both the monthly payment on the loan and additional payments made each month. My husband and I are wanting to pay our auto loan off early and would like a way to project the payoff time line with additional payments. Due to income fluctuations, the amount of additional payments we could make each month would vary. Would you happen to know where we could find such a spreadsheet?
I don’t know of a spreadsheet that would handle that for her (if you do, or can create one please let me know!), but I do know of an early auto loan payoff calculator over at Bankrate that be close to what she is looking for.
It would handle everything except the variable additional payments each month. Until some Excel whiz comes up with a spreadsheet to do that, I think the best bet would just to take a best-guess average of the anticipated additional payment each month and use that figure.
Do you have any other calculators or spreadsheets that would help her?