I've done payoff calculators in Excel before for simple loans with no interest. It's as simple as subtracting the payment amount from the current balance but I don't know how to do it for loans with interest in them.
My goal is to be able to use Excel to break out the payments just like an amortization table does but I need it to be able to do it in bi-weekly payments, not monthly. I've come across countless calculators online that will calculate loan terms in monthly or show you what your accelerated payoff would be if you did bi-weekly, that's not what I want since my loan is already in bi-weekly. I also want to be able to adjust the payment to see how quickly I can pay something off if I increase it's payment amount. Again, this is easy without interest figuring in.
I figured I could multiply the payment amount by the interest rate and that would be the amount that went to interest and the remained would go to principle. The problem is that isn't even coming close to what is actually going to interest or what the calculators say it should be. This also doesn't account for the interest/principle split changing as you pay off more of the loan. Do I base it on the account balance (which would account for the lowering amount towards interest as the loan is paid down)? The problem there is that in my testing, those figures are coming out too high.
I have found loan amortization templates for excel but like all the online calculators they work in months for the payments and years for the loan term (I need biweekly and months, my loan is 38 months so using 3 years will get me close for estimation). I figure I'm going to have to build something myself if I want this to work like it should, just don't know how to handle some of the details.
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