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I'm looking for a calculator to keep record of repayments and interest charged on a private loan.

Discussion in 'Accounting & Tax' started by wylie, 23rd Aug, 2015.

  1. wylie

    wylie Moderator Staff Member

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    I'm looking for an easy to use calculator so that I can keep a good record of repayments for a private loan to one of our sons.

    I've googled but there are so many, and most seem to want to show me how much my repayments would be on a certain loan.

    I need one where I can add the repayment made to us by our son each week/month and insert the interest rate we are charging, and it will reduce the total as each payment is entered. I'm looking for interest only.

    I have a copy of one my brother uses, but it seems fairly complicated and I need one for dummies :p.
     
  2. bob shovel

    bob shovel Well-Known Member

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    Have you tried a template from excel or just make your own simple spreadsheet
     
  3. wylie

    wylie Moderator Staff Member

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    I have the one my brother uses which is a simple excel but in trying to alter cell info to suit a different loan I am confused and suspect I could get the formulations wrong.

    I was hoping someone could recommend a very simple "drop in a figure" set up to avoid me having to fiddle with cell values and sums.

    I am happy to buy one but was thinking someone is already using an easy one and could recommend it.
     
    Last edited: 23rd Aug, 2015
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Is the loan interest only? If so it would be very simple to design your own excel sheet.

    If PI I would suggest the excel amortisation template.
     
  5. wylie

    wylie Moderator Staff Member

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    I think that is right. I'm overthinking this. I want this son to be able to take the spreadsheet if needed to a bank when he has enough work history to prove he has been making regular payments. He will have equity but no proof that he has been making payments (except the spreadsheet).

    I will just do a simple little excel sheet. Thanks.