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Do you need it in Excel specifically? There are loan calculators all over the web. Or you can using a financial calculator for TVM (Time Value of Money) calculations is easy. I could probably get you an Excel sheet made if you need it that way.
 

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I believe it is function PMT() in the finanacial functions.

If you want the payment for an 8% annual interest loan of $1000, paid monthly, and paid off in 2 years, it should be PMT(.08/12,24,1000) = 45.23

Remember that the interest % needs to be converted to a decimal (8% = 0.08) and that an annual rate needs to be divided by 12 months.

Hope that helps.
 

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Discussion Starter #7
I'm trying to build a spreadsheet structured like this:

Feb-06 Mar-06 Apr-6....
Loan 1 pmt x pmt x pmt x
Loan 2 pmt y pmt y pmt y
Loan 3 pmt z pmt z pmt z


Principle of Loan 1 $xx.xx $xx.xx $xx.xx
Principle of Loan 2 $xx.xx $xx.xx $xx.xx
Principle of Loan 3 $xx.xx $xx.xx $xx.xx

What is the excel function that I need for the "Principle of.." cells?

HD
 

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I'll pass this on, even though you said you found what you're looking for.

It's a small part of my Excel budget spreadsheet. You can change any value highlighted in grey and the math is done for you. The "future value" and "to pay off by" charts are linked to the balance and interest rate of whatever bill you put in under expense. The loan chart is independant of the rest of the sheet.

Excel has a small amount of error built in (all months have 30 days so a year is only 360 days), but the difference is miniscule.

Enjoy.
 

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Heavy-Dee said:
I'm trying to build a spreadsheet structured like this:

Feb-06 Mar-06 Apr-6....
Loan 1 pmt x pmt x pmt x
Loan 2 pmt y pmt y pmt y
Loan 3 pmt z pmt z pmt z


Principle of Loan 1 $xx.xx $xx.xx $xx.xx
Principle of Loan 2 $xx.xx $xx.xx $xx.xx
Principle of Loan 3 $xx.xx $xx.xx $xx.xx

What is the excel function that I need for the "Principle of.." cells?

HD
I know what you're looking for. I'm leaving for the track in the morning. If what I gave you can hold you until Monday, I can help you build it. All I need is a basic format and about an hour.

The function you're looking for will be a variation on PPMT.
 
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