The Loan Grid Worksheet template allows you to quickly visualize alternatives when considering a loan.
For instance: You are considering a loan of $12,000 at 8% interest for a term of 60 months. There are many loan amortization spreadsheets that you could plug these numbers into and see that the payment amount would be $243.32 per month.
What if you wanted to know what the payment would be at 7.75% interest? You would change the interest rate in your sheet and see that payment would be $241.88 per month. Ok, how about $12,500 at 8%?
You can see that it can become tedious to look at a lot of loan scenarios with a standard loan calculator.
The Loan Grid Worksheet solves this problem by allowing you to look at 121 different loan payment scenarios simultaneously.
Usage:
The Loan Grid Worksheet consist of two tables.
The first table allows you to input your loan parameters such as Principal Amount, Interest Rate, and Number of Payments. It also includes two fields which effect how the grid table displays your scenarios: Interest Increment and Principal Increment. These are defaulted to 0.25% and $500 respectively, but you may want to change them depending on the type of loan you will be calculating.
The second table displays a grid with the payment results of your input, plus various scenerios based on your increment amounts.
The actual payment amount is displayed in the center of the gris and highlighted in yellow. Around this cell are varying payment amounts. For instance, in this screen shot, the payment amount is $243.32 based on a principal amount of $12,000, and interest rate of 8% and 60 payments. if you wanted to know how much an extra 0.25% interest would cost you per month on the same $12,000, you would find the $12,000 in the left-most column, then find the 8.25% rate in the top column. The cell where they intersect will be the payment amount. In this case, $244.76.
You can download the Loan Grid Worksheet below.
Download Loan Grid Template for Numbers
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