Tips

Notes and Tips for Loan Calculator

For some computers, the screen size will need to be reset. Use the "Schedule" worksheet to check.
Make sure that your cursor is at the extreme left of the sheet. The 7 columns (from Pmt to Closing
Balance) that make up the repayment schedule should fully fill the screen from left to right. (If you have a
colour monitor, this is the area with the dark blue background.) If not, then use the " Size" control in the
upper left to adjust as needed. You can select from the choices that it gives you, or enter your own
number.

When you find the correct adjustment for the "Schedule" sheet, use the same adjustment for each of the
other sheets. The "Balance" and "P+I" sheets will not need to be changed. When all the sheets have
been adjusted to suit you, save the workbook using "File, Save" found at the upper left.

Data Entries: By design, this program will not allow a value of less than one (1) to be entered in most
sections for: 1) the length of the loan, 2) the number of payments per year, and 3) the number of
compounding periods per year. While it is possible to have a loan that has one of these items at less
than one, it often leads to confusion regarding the correct values to be entered in the various data entry
areas. The decision was made to not allow entries of less than one.

As well the program does not allow a value of less than zero to be entered for: 1) the amount of the loan
or 2) the annual interest rate,

Compounding periods: Mortgages in Canada are normally compounded 2 times per year, not in
advance. Many other types of loans, such as equipment and demand loans are usually compounded
monthly. This program requires that a minimum of one compounding period per year be used.

Notes in Sheets: In many of the sheets, a small red dot is used to indicate notes and reminders.
Position the cursor slightly to the left and below the dot, and the note will appear.

Toolbars This workbook turns off most of the toolbars that are normally visible in Excel. If you load
another workbook while this workbook is still active, you may want to make some tool bars visible. To do
so, you have two options. Either right click on the visible toolbars and then select the additional toolbar(s)
that you want, or select View, Toolbars from the top menu.

Printing This workbook may not print well from all printers. You can change most printing options.
From the top menu select File, and either Pagesetup or Print. Pagesetup includes options for changing
margins, the print scale, paper choices and source and font sources. The Print option allows the
selection of individual printers, and their configuration.

The Different Sheets and Graphs

Schedule: Shows the principal and interest portion of each payment, based on the information provided.
There are a maximum of 400 payments shown.

The optional payment column allows the entry of additional payments in addition to the scheduled
payment. When an additional payment is entered, that line and all subsequent payments will have their
data updated to reflect the new information. Missed or partial payment of a scheduled payment can be
entered as a negative value in the optional payment column.

From the starting (home) screen, tab right once to find interim and running totals for principal, interest
and total payments, including any optional payments shown in the main data area.
This area will allow the calculation of the various amount for principal, interest, and principal

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 Tips

for a selected interval, and includes adjustments for any additional payments shown.
If you enter a payment number greater than that in the loan, the result will be that the answer shown will
be zero. Enter the correct payment numbers.

Graphs

The graphs "Balance" and "P+I" are tied to the Schedule sheet and reflect the loan information entered
there including optional additional payments. If the loan exceeds 400 payments, only the first 400 are
shown.

The Balance graph shows the outstanding balance of the loan, reflecting the payment of principal over
time.
The P+I graph shows the amount of principal and interest of each payment.

Compare Enter the initial information on three loans to compare the payments required and the total
interest over the entire loan.

Prepay Calculates the interest savings over the life of the loan when a prepayment is made.

Refinance Uses three different options to compare the advantage or disadvantage of refinancing a
loan. Normally this option would be considered when interest rates have dropped significantly since the
time when the loan was originally taken out.

Note the calculation is only for the remaining term of the loan, not the entire remaining amortization. At the
end of the current term of the loan, the loan could be paid off in whole or in part, without additional fees,
and the remaining balance would be renegotiated at the rates current at that time.

The three options calculated are:

1) the refinancing costs are added to the current outstanding balance of the loan
2) the refinancing costs are not added, but paid separately
3) The refinancing costs are added but the original payments are maintained

None of the calculations are adjusted for present values.

Interest Rate Calculates the actual and effective interest rate, based on the information provided.

Time Shows the number of payments required to repay a loan, based on the information provided
and the selected payment. Also shows the total amount to repay the loan.

Max$ Calculates the maximum amount that can be borrowed, based on the dollars available for each
payment. Also shows the amount that could be borrowed if interest rates were 1% higher or lower than
indicated. As well, calculates the amount that could borrowed if the loan was 5 years longer or shorter.

Page 2
 Payment Schedule Interim Totals f
PAYMENT
LOAN AMOUNT ($) 750,000.00 Err:520 Starting with payment
ANNUAL INTEREST RATE % 6.5 Scheduled Interest and ending with paym
LENGTH OF LOAN (YEARS) 10 Err:520
NO. OF PAYMENTS PER YEAR 2 Actual Interest
COMPOUNDING PERIODS/YEAR 2 with optional payments
Err:520
#N/A

Beginning Scheduled Interest Principal Optional Closing

Pmt Balance Payment Portion Portion Payments Balance Pmt
1 750,000.00 Err:520 24,375.00 Err:520 0.00 Err:520 1
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End of the available Payment Schedule
Interim Totals for Principal, Interest and Total Payments

Starting with payment number: 1

and ending with payment number: 12
12
The total payments are: $ #N/A
The total interest is: $ #N/A
The total principal is: $ Err:520

Payments Interest Principal

to date to date to Date
Err:520 24,375.00 Err:520
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 Balance Remaining on the Loan
Dollars

20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5
E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E

Number
$ 750000 loan at 6.5 % for 10 years, 2 pmts/year, compounded of Payments
2x per year
 Principal and Interest Per Payment Interest Portion
30,000.00 Principal Portion

25,000.00

20,000.00

15,000.00
Dollars

10,000.00

5,000.00

0.00
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5 rr:5
E E E E E E E E E E E E E E E E E E E E E E E E

Number of payments
$ 750000 loan at 6.5 % for 10 years, 2 pmts/year, compounded 2x per year
 COMPARING INITIAL RATES
LOAN A LOAN B LOAN C
Loan Amount $ 750,000.00 100,000.00 100,000.00
Annual Interest Rate % 6.50 6.75 8.75
Amortized Length of Loan (Years) 10 10 20
Number of Payments Per Year 2 12 12
Compounding Periods per Year 2 2 2

PAYMENT Err:520 Err:520 Err:520

TOTAL INTEREST Err:520 Err:520 Err:520

PAYMENT SAVING (LOSS) VS. "A" Err:520 Err:520

TOTAL INTEREST SAVING (LOSS) VS. "A" Err:520 Err:520

Use this sheet to compare the payment and total interest requirements of three different loans.

Copyright OMAFRA 1997 User assumes all responsibility for use.

 PREPAYING PART OF THE UNPAID BALANCE EARLY
Principal Amount $ 750,000.00
Annual Interest Rate% 6.5
Amort.Length of Loan (Years) 10
Number of Payments per Year 2
Compounding Periods per Year 2

Amount to be Prepaid ($) $ 10,000.00

No. of Payments Remaining 24 = 12.0 years

Loan Payment $ Err:520

Unpaid Principal Balance $ Err:520
Unpaid Interest Balance $ Err:520
Revised Unpaid Principal Balance $ Err:520
Revised Unpaid Interest Balance $ Err:520
Revised No. of Payments Remaining Err:520
Decrease in No. of Payments Remaining Err:520
Total Interest Saved $ Err:520

Use this sheet to calculate the total interest saved over the life of the loan by making a prepayment.
EARLY
 REFINANCING THE UNPAID BALANCE
Original Loan Amount ($) $ 750,000.00
Annual Interest Rate % % 6.5
Amort. Length of Loan (Years) 10
No. of Payments per Year 2
Compounding Periods per Year 2
NEW INTEREST RATE % 7
REFINANCING CHARGES $ 2,000.00
No. of Amort. Pmts Remaining in Original Loan 84 = 42.0 years
No. of Pmts to end of Current Loan Term 24 = 12.0 years
No of Pmts Left at Normal Renewal would be: 60 = 30.0 years

Current Unpaid Principal $ NUMBER OF PAYMENTS

Current Unpaid Interest $ REMAINING EXCEEDS
Original Payment $ Err:520

Calculations below are only for the interval until the end of the term of the current loan (24 more payments)

A B C
Current Unpaid Principal $ Err:520 Err:520 Err:520
Original Payment $ Err:520 Err:520 Err:520
New Principal Balance $ Err:520 Err:520 Err:520

New Payment $ Err:520 Err:520 Err:520

Savings per Payment $ Err:520 Err:520 0.00
Total Savings on the Next 24 Pmts Err:520 Err:520 0.00

Loan Balance at the End of the Original Loan Term of -20.0 Years:

Original Loan - if left unchang $ Err:520 Err:520 Err:520

New Loan Err:520 $ Err:520 Err:520 Err:520
Principal Decrease (Increase) $ Err:520 Err:520 Err:520

Refinancing Costs $ included 2,000.00 included

Total Advantage/Disadvantage $ Err:520 Err:520 Err:520

A: Loan refinancing costs are added to current loan balance;

B: Refinancing costs not added to loan balance
C: Refinancing costs added; original payments maintained
CALCULATING the ANNUAL INTEREST RATE
Principal Amount $ $ 750,000.00
Payment for each Period $ $ Err:520
Years 10
Payments Per Year 2
Compounds Per Year 2

Estimated Interest Rate: Err:520

Err:520
Effective Interest Rate: Err:520
Err:520
Err:520

Estimate the interest rate charged on a loan by the other loan information.
Err:520
 LENGTH OF REPAYMENT PERIOD REQUIRED
Amount of the Loan $ 750,000.00
Interest Rate % 6.5
Payments per Year 2
Compounding Periods Per Year 2

MINIMUM REQUIRED PAYMENT $24,375.01

OPTION A OPTION B OPTION C

PROPOSED PAYMENTS $ 825.00 900.00 1,000.00

NO. OF PAYMENTS REQUIRED Err:520 Err:520 Err:520

NO. OF YEARS REQUIRED TOO LOW TOO LOW TOO LOW

Total Amount to Repay Loan $ Err:520 Err:520 Err:520

Compare different proposed payments to calculate the time required to totally pay off the loan.
 MAXIMUM AMOUNT THAT CAN BE BORROWED
Amount Available for each Loan Payment $ Err:520
Number of Payments per Year 2
Interest Rate % 6.5
Length of Loan in Years 10
Compounding Periods per Year 2
Err:520
MAXIMUM AMOUNT THAT CAN BE BORROWED Err:520

If interest rates were 7.50 % for 10 years, maximum is $ Err:520

If interest rates were 5.50 % for 10 years, maximum is $ Err:520
If length was 5 years, at 6.50 %, you could borrow to $ Err:520
If length was 15 years, at 6.50 %, you could borrow to $ Err:520

This sheet calculates the maximum that can be borrowed, based on amount available for the
payment and other information supplied.