**GENIUS NEEDED!!** Amortization sheet help

[gymbo731]

Hi All,

I need a lot of help. I've looked all over the Internet for a template for what I am looking for, but I can't find anything. I've been close but not really.

Let me explain. I am looking for an amortization formula sheet for a boat loan that I have. That is easy enough, and I found that, but here is the hard part.

I went in on the loan with 4 different people all paying different prices a month. Let me get specific - I have a loan where one person is paying $55 a month, another $30, and three more $35 each. For a total of $190/month for the boat loan.

I want to be able to keep track how much each individual person owes in principal and in interest. Those prices a month are the minimum they will pay each month, but if someone decides to make more than the minimum payment, then it will mess everyone up with the total amount that they still owe.

So basically even though it is more one big loan, it is actually a total of 5 smaller loans as well with the same interest rate, but different minimum payments a month.

Is there anyone out there that can help me?

Thank you! If you need any more information, or more specifics on the numbers, please let me know. I don't mind posting that.

Thanks again.

 

[Phox]

I don't see the need for anything special. You should just be able to use a standard amortization template, giving one sheet to each person. Find out the base loan amount that each person owes and apply their payments as they ocurr.

 

[gymbo731]

I Do. just because you don't see the need doesn't mean that I don't want it.

 

[Phox]

Maybe you can help by explaining specifically what you're looking for.

 

[Michael M]

Hey Gymbo
I have a template for working out home loans at different rates on the one sheet.
Maybe you could adapt that to do your different owners instead.

Regards
Michael M

 

[scottylad2]

surely the easiest way to do this would be to split the loan and the total repayable into the % divisions the work out a payment plane for each person based on what they owe. If it's one loan and the interest is set at the start then there should be very little effort needed to split the final bill into the % parts, then divide each persons part by the repayment schedule.

Use the PMT function

 

[crimson_b1ade]

gymbo in order for anyone to help I think you need to state the following things:

1. Total original loan amount
2. Interest Rate on Loan
3. The term of the loan (5yrs, 10yrs...30yrs...etc.)
4. Each of the 5 persons allocation of the original loan amount (ie. is it split evenly, or does everyone have a different percentage of the loan?)

 

[gymbo731]

Thanks guys.

The loan is for $16557.00

The interest rate of the loan is 8.99%

And the term of the loan is 144 months.

Each month, there is a min. payment due of $189.16.

I get seperate payments from people each month in the order of:
$55, $35, $35, $35, $30. = $190.

So I pay $190 to the bank each month. Now if anyone wants to pay more than their share each month, how can I track that globally so the other people still have to put their share in with the interest. Plus the payoff amount of the loan changes everyday.

 

[West Man]

Do each of the five people have equal ownership? If so , you need to divide the loan amount by 5 and create 5 different amortization tables - some could have negative amortization.
If it is not equal ownership, the loan amount needs to proportional split by ownership percent and 5 amortization tables again created.

 

[gymbo731]

The ownership is not equal. It is split by the amount they pay each month.

So I would still have to have 5 different tables? There isn't a way I can have them all in one sheet to keep track of?