Amortization Schedule Excel Template Download
If you are an existing borrower or looking to finance your dream home or asset, then it is very important to understand the details mentioned in the amortization schedule.
It might sometimes seem difficult to understand how your lender calculates the interest and principal repayment components in a monthly payment. But it is not difficult at all. A basic knowledge of the mathematical formulas will help you understand the calculations very easily. And in case you are comfort able using Microsoft excel for doing the calculations, then the task is very easy.
There are lots of amortization schedule Excel templates, you can freely download on your computer and play around. Even if you are not using MS Excel, then also you can use the online amortization schedule generators; lots of them are available on the websites.
What Is An Amortization Schedule
A typical amortization schedule is a table showing the months in which you are required to make the monthly payments, the total monthly payment is required to be made, the principal component in the monthly payment, the interest component in the monthly payment and the total outstanding loan balance. If you observe mortgage amortization schedule table, you will notice that the amount of the monthly payment remains constant throughout the loan term while the interest component goes on decreasing and the principal repayment component goes on increasing until it becomes zero at the end of the loan term.
How to create an amortization schedule using MS Excel
Creation of an amortization schedule using MS Excel is very easy. You just need to have a basic understanding of doing calculations using MS Excel templates and feel comfort able with the number crunching.
Amortization schedule Excel template download
In case you are interested in a ready-made amortization schedule excel template download, then you do not have to search anywhere. The latest versions of MS Excel like 2007 or 2010 comes preloaded with amortization schedule templates which you can use on-the-fly.
Following are the steps you need to follow to load your amortization schedule Excel template, which is built in your MS Excel by Microsoft.
- Go to the menu button, which is shown as a circular button on the top left corner of MS Excel window and click on it.
- Click on the new option. The new workbook window will open.
- In the templates section of the left-hand pane, click on the installed templates option. Most probably you will see seven preloaded MS Excel templates in the right pane. One of them loan amortization template. Click on it and then click on the create button.
Amortization Schedule Template Inputs
The amortization template will instantly be downloaded to your computer and will open a file in MS Excel. Following are the inputs required to be entered for this template to work.
- Loan Amount
- Annual Interest Rate
- Loan Period In Years
- Number Of Payments Per Year
- Start Date Of Loan
- Optional Extra Payments
Amortization Schedule Template Results
As soon as you enter all these inputs a loan summary will be calculated which will give you following details.
- Scheduled Payment
- Scheduled Number Of Payments
- Actual Number Of Payments
- Total Early Payments
- Total Interest
In addition to these calculated values in the loan summary, following month wise details will be calculated for you, which will actually create your loan amortization schedule.
- Payment Number
- Payment Date
- Beginning Balance
- Scheduled Payment
- Extra Payment
- Total Payment
- Ending Balance
- Cumulative Interest
We strongly recommend you to use the built in the loan amortization schedule template in MS Excel to gain a lot of insight into the loan offer. This will go a long way to make you understand the intricacies of the loan offer and help you get the best deal. For the existing borrowers this amortization template will help you evaluate your options. You can also understand how adding a dose of extra payments will change the duration of your mortgage and help you pay off your loan at an earlier date.