Dual Purpose Car Payment Calculator?

[LizfromtheBronx]

Hiya!

I just purchased a new (to me) car, and would like to find a calculator that has 2 purposes: I'd like to calculate bi-weekly payments, and also additional principal payments. So far, I've been able to find those that do one or the either, but I'm planning on doing both, and would love a little tool that I can model to my little data geek heart's content.

[LizfromtheBronx]

I also wanted to add that I would be happy with either an online tool, or an Excel calculator that I can plug into my overall budget workbook.

Thanks in advance!

[autoxer]

I don't know of a calculator, but make sure the lender applies the payments the way you want them to. They love to apply the extra $$ to future payments instead of towards the principal.

[Petunia 100]

I'd just set up my loan on another page in my Excel spreadsheet. Start with what is scheduled, then insert an extra column to enter any additional payments, then perhaps a column to enter any interest adjustments.

Example: $100 of interest is scheduled for the month, but due to paying early and/or extra, you were charged $95. Enter "-5.00" in your interest adjustment column.

[LizfromtheBronx]

I don't know of a calculator, but make sure the lender applies the payments the way you want them to. They love to apply the extra $$ to future payments instead of towards the principal.

Thanks! Yep, my lender (Capital One) automatically applies any extra $ to principal as long as you are up to date. They state it very explicitly. I'm planning on rounding up the bi-weekly payment (haven't decided by how much, but any bit will help), and then also making principal only payments whenever able.

[LizfromtheBronx]

I'd just set up my loan on another page in my Excel spreadsheet. Start with what is scheduled, then insert an extra column to enter any additional payments, then perhaps a column to enter any interest adjustments.

Example: $100 of interest is scheduled for the month, but due to paying early and/or extra, you were charged $95. Enter "-5.00" in your interest adjustment column.

Thanks - not sure if I really know how to calculate interest, but I can research. I'd love to be able to play with something and say, if I round the bi-weekly up to $xx, that gets it paid off in y months...if I up it to $vv, it's paid off that much sooner. And then calculate in tandem with any separate extra payments.

The dealership tried to set me up with some scammy type service called IntelliPayment that basically acts as a third party to make bi-weekly payments for you (but charges a fee AND has bad reviews of making payments on time). Um, no thanks, I can do that myself for free, thankyouverymuch.

[Petunia 100]

Interest is just principal times rate times time. Your car payment probably accrues interest daily.

Example:

You owe 10k. Your interest rate is 3%. You borrow money on 7/1 and make your first payment 7/14.

The accrued interest would be:

10,000.00 x .03 x (13/360) = $10.84

(Banker's year is 360 days and is usually what is used to calculate daily interest. Your note may use 365 days).

So if you make a payment on 7/14, $10.84 should go to interest and the rest to principal.

[Permanent Temp]

I found this on the consumerist years ago. It's super helpful and helped me when I was paying off my car.

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

[LizfromtheBronx]

Thanks all! I'll play with all of these ideas and see what i come up with