Loan and Credit Planner

Use the following worksheets to plan for a future loan or better understand a current loan.

These worksheets provide estimates only. They are not intended for professional use.

Check with your lending institution for more detailed information.

Worksheet # 1. How much will my monthly payments be?

Loan amount

Use this worksheet to calculate the monthly

Annual interest rate (percent– e.g., 8.75)

payments for a loan. You supply the information

Term (years)

in the white cells of the table, and Works will

Monthly payment

will calculate the monthly payment. By varying

the loan amount, interest rate, and term, you can find the loan conditions most suited to your needs

and means.

Worksheet # 2. What is the balance on my loan principal?

Original amount of the loan

Use this worksheet to calculate the balance

Annual interest rate (e.g., 9.25)

remaining on your loan. Type in the original

Term of the loan (years)

principal amount, the annual interest rate, the

Number of monthly payments made

term of the loan (in years), and the loan (in

Current balance

years), and the number of monthly payments

you've made so far.

Worksheet # 3. How can I pay down my credit balance?

Current balance

Suppose you'd like to pay down your credit-

Balance goal *

card balance over the next months to reduce

Annual interest rate (percent–e.g., 16.5)

the interest charges. Use this worksheet to

No. of months for paying down the loan

calculate the monthly payments you'll need to

Total payments

make, assuming you do not add any further

Monthly payment required

charges to the account in the mean-time. For

* If you want to pay off your balance completely,

example, let's say your current balance is

enter 0 as balance goal.

$10,000 and you'd like to reduce that to

$2,000 over the next six months. Fill in your current balance, your balance goal, the interest rate you're

being charged and the number of months to reach your goal. Works will calculate your monthly

payment.