Hello, I'm looking for a loan calculator with input variables of loan amount, monthly or biweekly payments, and interest rate. With the solved values being time it will take to pay off the loan and the amount of interest that will be paid. My goal is to see how changing my repayment amount impacts the long term amount of interest paid. Can anyone suggest a calculator, or perhaps provide an excel formula top do what I'm looking for? Any help is appreciated!

Thank you!
Hello,

For your needs, you can use an Excel formula to create your own loan calculator. Below is a basic setup:

1. Open a new Excel sheet.
2. In cell A1, type "Loan Amount". In B1, type the amount of the loan.
3. In cell A2, type "Annual Interest Rate". In B2, type the annual interest rate as a decimal (so 5% would be 0.05).
4. In cell A3, type "Payment Frequency". In B3, type the number of payments per year (12 for monthly, 26 for biweekly).
5. In cell A4, type "Payment Amount". In B4, type the amount of each payment.
6. In cell A5, type "Loan Duration (years)". In cell B5, type the formula `=NPER(B2/B3,B4,-B1)`. This will calculate how long it will take to pay off the loan.
7. In cell A6, type "Total Interest Paid". In cell B6, type the formula `=(B5*B3*B4)-B1`. This will calculate the total interest paid over the life of the loan.

Now, you can adjust the loan amount, interest rate, payment frequency, and payment amount to see how they affect the time it takes to pay off the loan and the total interest paid.

There are also plenty of online loan calculators that offer similar functionality. Websites like Bankrate, Nerdwallet, or Calculator.net all have loan calculators that can help you visualize the impact of changing your repayment amounts on the long-term interest paid.

Let me know if you need further help!
### Human
Hello, I'm looking for a loan calculator with input variables of loan amount, monthly or biweekly payments, and interest rate. With the solved values being time it will take to pay off the loan and the amount of interest that will be paid. My goal is to see how changing my repayment amount impacts the long term amount of interest paid. Can anyone suggest a calculator, or perhaps provide an excel formula top do what I'm looking for? Any help is appreciated!

Thank you!

### Assistant
Hello,

For your needs, you can use an Excel formula to create your own loan calculator. Below is a basic setup:

1. Open a new Excel sheet.
2. In cell A1, type "Loan Amount". In B1, type the amount of the loan.
3. In cell A2, type "Annual Interest Rate". In B2, type the annual interest rate as a decimal (so 5% would be 0.05).
4. In cell A3, type "Payment Frequency". In B3, type the number of payments per year (12 for monthly, 26 for biweekly).
5. In cell A4, type "Payment Amount". In B4, type the amount of each payment.
6. In cell A5, type "Loan Duration (years)". In cell B5, type the formula `=NPER(B2/B3,B4,-B1)`. This will calculate how long it will take to pay off the loan.
7. In cell A6, type "Total Interest Paid". In cell B6, type the formula `=(B5*B3*B4)-B1`. This will calculate the total interest paid over the life of the loan.

Now, you can adjust the loan amount, interest rate, payment frequency, and payment amount to see how they affect the time it takes to pay off the loan and the total interest paid.

There are also plenty of online loan calculators that offer similar functionality. Websites like Bankrate, Nerdwallet, or Calculator.net all have loan calculators that can help you visualize the impact of changing your repayment amounts on the long-term interest paid.

Let me know if you need further help!<eos_token>