Loan Calculator with Terms based on Fixed Payment not a fixed time frame.

**cc4digital** · 06-03-2012, 04:33 AM

I am hoping someone can help me.

There are many loan calculators, but all the terms are based on time.

Example: I want to borrow money from my mom in the amount of $10,000. The terms of the loan are->1) Interest Rate of 3% yearly compounded 2) Minimum monthly payment of $500.00 with the option of making additional payments. Time frame is what ever it take to achieve #2.

Does anyone know of an excel loan calculator that can run this type of loan? (I really do not want to recreate the wheel as I am sure this has been done before)

**zbor** · 06-03-2012, 04:35 AM

Can you upload example workbook with your inputs and desired output?

**cc4digital** · 06-03-2012, 04:49 AM

Actually, that is what I am trying to create. The loan calculator I was trying to use was by Excely(see attached-I had to zip because it was larger than 1mb), but under loan data is has Loan Period in Years. Of course when you type in this it give you your average monthly payment amount.

I was hoping to type in something like Min Monthly Loan Amount @ $500.00 and it would compute the time frame and interest, etc.