The steps for this method are as follows. We can create an Excel loan calculator with extra payments by applying the IFERROR function. Applying IFERROR Function to Create an Excel Loan Calculator with Extra Payments We will use the following sample data set to create an Excel loan calculator with extra payments.ġ. In this article, we will use the IFERROR function in the first solution and a combination of the PMT functions, the IPMT function, and the PPMT function in the second approach to create an Excel loan calculator with extra payments. In loan instalments, extra payments help to repay the loan earlier. Using Excel in this regard will help you to determine your payable amount correctly. It is an important issue for the loan payer and receiver to determine and calculate the exact amount of instalment or payment per month regarding the payable amount and interest rate.
2 Suitable Examples to Create an Excel Loan Calculator with Extra Payments
