[Archon]

Had created an excel sheet to ease my comparison woes so just thought would share it with BHPians.

You can compare between various financing quotes by copying sheet and overwriting with the data for the other financier.

Most importantly (at least for me), I have tried to take into account loans with interest rates changing from one year to the next, and also prepayment options.

Hope this helps. Have added cell comments wherever possible.

[aargee]

Few of my observation...
- Remove the "$" symbol & can leave it blank or insert the new Re symbol
- The title says "EDITABLE" cell & gives an impression that all Yellow cells are editable; however, I'm unable to modify the processing fee, stamp duty & other charges
- Infact there should be a provision to enter the processing fee, stamp duty & other charges
- Is there any significane on leaving cols I & J blank?
- Is the prepayment period compulsory? What if the bank does not allow this feature? I tried 0 & the tool wouldn't accept
- How about a 7 year loan?
- When I input 0% interest for all 5 years for 5 year loan for a sum of 500000 the effective rate of loan is 12.17% for a mere sum of 4716 being processing fee, stamp duty & other charges. Is this right?



Otherwise, a good calculator & appreciated effort

[Archon]

Originally Posted by aargee

Few of my observation...
- Remove the "$" symbol & can leave it blank or insert the new Re symbol (DONE)
- The title says "EDITABLE" cell & gives an impression that all Yellow cells are editable; however, I'm unable to modify the processing fee, stamp duty & other charges (Oversight on my part. Fixed in the new sheet attached with this post. Also, the sheet doesn't have a password so it can be unprotected)
- Infact there should be a provision to enter the processing fee, stamp duty & other charges (see previous point)
- Is there any significane on leaving cols I & J blank? (Nope. removed them)
- Is the prepayment period compulsory? What if the bank does not allow this feature? I tried 0 & the tool wouldn't accept (If you're not planning on prepayment, you can leave the period blank)
- How about a 7 year loan? (Didn't know people opted for that for a car)
- When I input 0% interest for all 5 years for 5 year loan for a sum of 500000 the effective rate of loan is 12.17% for a mere sum of 4716 being processing fee, stamp duty & other charges. Is this right? (Yes, you're also paying back the full amount plus Rs. 4716 after just a month. 12.17% is the annualized rate of return for the bank from your perspective. Note also that this cell might show a #NUM error sometimes, which is a limitation of how Excel calculates IRR. In that case, you can add an additional "guess" argument to the IRR function after unprotecting the sheet. Check Excel help for more details)

Attachment 463071

Otherwise, a good calculator & appreciated effort

Thanks Please find my comments inline in bold

Forgot the attachment

[SuperFlyBoy]

Is there a new, updated calculator and/or thread on this?

Thanks!