If you want to estimate car payments before you buy a new or used car, you’ve found the right page. I have compiled a spreadsheet that you can download and put in the specifics of your situation and calculate a payment that will be very close to what your actual payment might look like. This is a simple spreadsheet that will calculate your payment only. After your payment is calculated, you will then have to add any additional monthly payments for insurance or other protection you may need.
Using the Estimate Car Payments Spreadsheet
This xls file is pretty easy to use. Here are the quick instructions:
- Input the loan amount that you will be taking out for the car in the Principle Loan Amount cell.
- Put in your interest rate.
- Last, input your number of years to repay the loan in the Loan Term in Years cell.
After you have inputted the information, the Monthly Payment will be calculated automatically for you. In the example, there is a $19,000 loan taken out over a 5 year period with 12% of interest. The monthly payment comes out to $422.64. Sounds pretty high, doesn’t it? Well what the advertisements on TV don’t tell you about the $99 down, $99 per month is that they are probably doing a 7 year note or even longer. So it makes sense to do your own estimation; chances are it will work out a lot closer to the actual number you will be paying than what the commercials will lead you to believe.
Here’s the xls spreadsheet for download: Estimate Car Payments .xls
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