Overhaulin'

Excel function for adding extra principle to monthly car loan payments?

How do you calculate how many payments you would avoid, and how much interest you would avoid on a car loan, with the help of excel. Basically I'm looking for a formula function, that I can input with term, rate, price, and extra principle. Any help would be greatly appreciated.

Public Comments

1. If you want I can email you the excel sheet with the formulas already calculated cell A2 - principle amount cell B2 - APR divided by 12 cell C2 - enter =A2+B2 cell D2 - enter payment amount cell E2 - enter =C2-D2 cell A3 - enter =E2 copy paste cell B2 down as far as needed in column B copy paste cell C2 down as far as needed in column C do the same for column D and E and the rest of A In column C you can change the monthly amounts that you plan to pay. Scroll down until the amount is negative or zero and that is when you are done paying for the loan. Add up Column C so know how much is going to be paid. If you end up on row 61 that means your term is 60months or 5years.