Description
Learn to calculate how much money you can save by making additional payments into your home loan / mortgage or other loan. In this course we'll learn how to use the Financial Loan formulas in Excel to calculate how much money you can save when making additional payments into your loan. We'll also learn to calculate the exact period at which you can pay your loan off. This will really assist you to set achievable goals regarding your outstanding mortgage bond. This course will take you through a step-by-step guide to create a spreadsheet which details the payment for each period of a loan over the lifetime of the loan. In the example we look at a mortgage bond of 1,500,000 which is paid monthly over 20 years. The course is created using Excel 2016 and although prior versions of Excel have all the same functionality, the screen may look different so if you are not comfortable using Excel you could get confused. You really should have some basic knowledge of Excel already and you should be able to use formulas and understand how to link cells into formulas. The topics we cover in the course are: The Excel PMT function to calculate the monthly paymentThe Excel IPMT function to calculate the interest portion of each months paymentThe Excel PPMT function to calculate the principal (capital) portion of each months paymentThe Excel IF function for logical conditionsIt is very encouraging to calculate how much you can save on your bond with even small additional amounts! You can easily find templates or similar calculations but this course will truly help you understand how a loan works.
