Loan Comparison Calculator is a ready-to-use excel template to compare multiple scenarios and decide the best one for you. Comparison is based on 4 different criteria; interest, installments, repayment duration and total repayment.
In addition to the above, the template represents the comparison in graphical format. Moreover, it consists of an EMI calculator and loan amortization schedule with loan foreclosure/prepayment provision.
Choosing between multiple loans is very confusing sometimes and if you are new, then it just becomes more confusing. Many times, the lender makes it more complicated by using difficult terminology instead of simple terms.
The best part about this template is that an individual can compare multiple scenarios for a personal loan, mortgage loans, auto loans, and even private lenders.
Loan Comparison Calculator Excel Template
We have created a simple and easy Loan Comparison Calculator Excel Template with predefined formulas. Just enter a few details for each loan scenario and it automatically compares all loans for you.
Furthermore, the template also provides a loan amortization schedule for all scenarios. The template compares the loans on the basis of interest to be paid, total repayment amount, repayment duration and installment amount.
In addition to the above, you can also download other personal finance templates like Savings Goal Tracker, Household Budget, Credit Card Payoff Calculator and Personal Income Expense Tracker from our website.
Let us understand the contents of the template and how to use this template.
Contents of Loan Comparison Calculator Excel Template
This template consists of 3 sheets; Loan Details Sheet, Amortization Schedule, and Loan Comparison Calculator.
Loan Details Sheet
You need to enter the following details for each loan:
- Loan Start Month
- Loan Amount
- Period (Years)
- Interest Rate
- Processing Fees
- Foreclosure Charges
The prepayment table can be used later on during loan repayment. If you make any payments higher than your EMI then you need to enter them here.
When you make any prepayment the foreclosure charges will be applicable as it decreases the number of installments or tenure.
For example, you opt for a personal loan and during the third year you manage to have a large amount or you think of early settlement. In such cases, the foreclosure charges will be applicable on the prepayment amount.
If multiple prepayments are made the foreclosure charges are applicable to the total amount. EMI/Installment amount is calculated for each loan at the top and displayed in green boxes.
Thus, fill the same for all the loans you want to compare. You can compare up to 3 loans on this sheet. IF you want to compare more, then you need to insert the column accordingly. If you need any help we will be happy to help you.
You don’t need to make any entry in this sheet. Amortization Sheet displays EMI serial numbers and dates on the right. Additionally, it consists of a complete month-wise repayment schedule until the loan amount is 0.
It displays the schedule for all three loans according to their tenure. The table consists of the following columns:
Balance Loan Amount
This sheet can calculate your loan installments up to 30 years. It displays the amortization schedule for all 3 loan scenarios.
Loan Comparison Calculator
This sheet consists of a table that displays the summary of all three loans. It consists of the following details:
Total Amount Paid
Number of Installments
Last Date of EMI
The sheet fetches the processing fees, EMI-Monthly Installment Amount, the number of installments, Interest paid, and last date of payment from the previous sheet.
Total interest paid is the amount paid including the processing fees, principal amount, interest amount, and foreclosure charges if applicable.
Loan Comparison Charts
The last sheet consists of a graphical representation of the loan comparison. It compares on the following 4 criteria: Number of Installments, Installment Amount, Interest Amount and Total Payment Amount.
Number of Installments Graph
Total Interest Amount Graph
Total Payment Amount Graph
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