I am trying to make a spreadsheet that shows how much we would save by paying our loan off early (because we would not have to pay the remaining interest).
My spreadsheet already figures how much of our fixed payment goes to the principal and how much of it is interest. It shows the remaining principal and the pay off Payment. It also has how much we pay total on the loan (and how much interest would be paid)
I know if we can pay it off a year early we save $188.02. im looking for a formula that can tell me if i pay off $X in Y months i save $Z by not having to pay the monthly interest on the balance
My spreadsheet already figures how much of our fixed payment goes to the principal and how much of it is interest. It shows the remaining principal and the pay off Payment. It also has how much we pay total on the loan (and how much interest would be paid)
I know if we can pay it off a year early we save $188.02. im looking for a formula that can tell me if i pay off $X in Y months i save $Z by not having to pay the monthly interest on the balance