Easy Car Loan Amortization Schedule With Extra Payments | Google Sheets & Excel

In this video I explain how to create a car loan amortization schedule in Google Sheets and Microsoft Excel. This is a useful exercise to calculate the repayments on a car loan, splitting out the principal and interest components, with the option to add extra payments. It will also work for mortgage loans, personal loans, student loans, basically any loan with a fixed structure and interest rate. This will allow you to make smarter financial decisions when empowered with a detailed loan schedule. We could choose to settle the loan early, debt restructure, take a longer/shorter term, change the repayment frequency, among a range of other alternate options. The overall interest paid will reduce in the case you reduce the loan term, increase the installments per term (more compounding), and making additional repayments.
The car loan schedule I create has a few columns, namely the loan balance, the installment amount, the P&I (principal and interest) split of each installment, and the option to add additional extra payments.
Learn how to create an easy car loan amortization schedule with extra payments using Google Sheets and Excel. This step-by-step tutorial will help you stay on track with your loan payments and save money on interest. Perfect for anyone looking to manage their loans efficiently!
// SOCIAL
🌏 Follow Me On Instagram @brentcolemaninvesting
// USEFUL LINKS
✅ Sharesight (NZ/AU/US/UK) 4 Months Free: sharesight.com.au/brentcoleman
✅ Dosh NZ - Best Way To Pay: dosh.nz/app and use my referral code 00030886
✅ Get $5 FREE with Sharesies (NZ/AU): sharesies.com/r/C744KD
✅ Get $45 with DoorDash: drd.sh/yzemFEO8gYRTjiKt
✅ Free Month Car Insurance coveinsurance.co.nz/referred/...
✅ Get $10 FREE with Hatch Invest (NZ): app.hatchinvest.nz/share/hmwy...
✅ Hnry (NZ) Free $25 Freelance Accountant: app.hnry.io/r/BRENT82488
I include these links as they often provide a benefit to my viewers. I might receive a commission from these companies, or other third parties, in the case a purchase is made either using a link or signing up for a service via a code. This helps me create high-quality content and I thank you for your support.
// TIMESTAMPS
► 0:00 Intro
► 0:21 Create The Schedule
► 6:13 Extra Payments
► 7:05 Longer Term
► 7:49 Outro
Disclaimer:
I am not a financial adviser. This video is for education and entertainment purposes only. Seek professional help before making any investment decision.
Song: Skylines - Anno Domini Beats
UA-cam Studio Copyright Free Music

[@techtiffany6494]

Thanks😊

[@BrentColeman]

Welcome 😊

[@anish.B]

Very informative videos . Hope you achieve the target of 100k by end of this year . Good luck

[@BrentColeman]

Thanks lots! Glad you're enjoying my videos!

[@mikeyfarr2440]

This is great at explaining how to calculate reducing the length of the term. How would you go about calculating paying off extra to reduce the future monthly repayments? Thanks!

[@BrentColeman]

Hey Mikey! You'll need to calculate a new instalment amount to accommodate the lump sum extra payment. This calculation in the video only considers a reduction of term. If in this example you made a lump sum payment of $10,000 in period 12, and wanted to retain a 36 month term, your balance would then be $47,321.82 less $10,000. In the 13th period, you'd overwrite the original instalment amount with a new PMT formula of =pmt(0.0895/12,36-12,-47321.82+10000,0,0). Note this is an adaptation of the original, the 36-12 accommodates there is 24mths remaining, and the +10,000 accommodates the extra payment at month 12. Just substitute in your own figures. This will give you your new repayment of $1704.18 which would retain the original loan term of 36 months. Hope this helps!