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Track Loan Payments Tool
The Track Loan Payments tool will help you follow the payments you make on a loan, the loan amount remaining to be paid, the interest you have paid thus far, the interest you still will pay, and any interest saved by making additional payments.
Loan statements can be confusing to read and decipher. Often they don't tell you how much you still owe or how much of your payment is going to pay interest and how much to paying off the principal. They probably do not want you to know how much the loan is really costing you. If you figured out the power of interest, you would want to be on the other side of it and they would lose another profitable customer.
Begin by entering your loan information. Enter the original amount of the loan, the interest rate, number of payments, the date on which you made the first payment and the frequency of the payments; Yearly, Quarterly, Monthly; Biweekly (every two weeks), or Weekly.
After entering your loan information, records for each of the regularly scheduled payments will be created and entered into a list. For each scheduled payment you can enter an additional amount. You can also enter unscheduled payments by supplying the date and amount of the payment.
For each payment displayed, the amount of interest being charged and the balance owed is calculated and shown. As time progresses and you make payments and additional payments, the Interest Paid, Interest Saved, Interest To Be Paid, Date Paid Off, and Total Interest Paid values will change to reflect your current state. The Interest Saved value will only be significant if you have made additional payments or unscheduled payments.
If you determine that the Balance Owed amount for a payment is not accurate, you can make an adjustment to the Balance Owed. When you make the adustment, you will need to select the payment date to which the adjustment will be made and enter the correct amount:
From that point on all calculations will be based on that amount. Amounts and calculations prior to the adjusted amount will not be affected.
Select the Print Payment Schedule button to print or view a payment schedule showing payments made, additional payments and payments to be made:
You can also enter multiple loans to track. Select the New button to enter a new loan:
Enter a name for the new loan and select the OK button.
Select the Open File button to pick another loan to work with:
Select the loan from the list and then select the Select button.
Next: Plan My Savings
Click on a button above to learn more about the tool.
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