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Hi All!
I'm pretty good with math/numbers but am having a hard time building an amortization schedule that I need.
Here's the gist:
I took out a personal loan and one of the handy tools on their site was an amortization schedule that showed the interest savings by paying early, splitting the payments biweekly, making extra payments, etc. This caused me to remember that with simple interest, timing of payments is key and can save you tons of interest over the life of the loan.
My 1st payment was due 2/19 in the amount of $233.55 of which $79.49 would have gone to principal and $154.06 to interest.
I paid that payment on 1/31 in the amount of $233.55. Because of the timing, $166.97 went to principal and $66.58 to interest.
I would like to build an amortization schedule that allows me to reflect the benefit of early payments. Excel's templates inputs a formula for the date and you can't simply type in the date of the actual payment.
Any clue how I can build this for myself?? Or do I just figure I'm paying around $5/day in interest and use that to estimate my P/I split each month?
Thanks!
oh FYI it is $8,500 at 21.75% I am about 35 points higher on EQ than when I took out the loan, but my last derog is coming off next month and mayyyybe I can refi this somewhere for a lower rate...