loan amortization schedule excel download

We can visualize the impact with a nice chart (requires some extra work) like this:ĭo check the download workbook for details on how the chart is setup. Go ahead and play with the table by typing some values in the “Extra payment” column. Step 3: Your mortgage will end when the “Eff.

Closing Balance is opening balance minus principal paid minus extra payment.Ĭomplete this table with necessary formulas and fill everything down.

This Excel loan calculator template makes it easy to enter the interest rate, loan amount, and loan period, and see what your monthly principal and interest payments will be.

Extra Payment is the input column where we can type any extra payments. Templates Loan calculator Loan calculator Generate a loan amortization schedule based on the details you specify with this handy, accessible loan calculator template.

We can get this with the PPMT() function.

Principal Paid is the amount of principal paid in each month.

=ROUND(NPER($E$7/12,$E$10,$D13),0) will tell us how many months it is rounded. We can use NPER function to get the answer here.

Effective term is how long it would take you to pay off the mortgage based on the opening balance, and agreed upon monthly payment (calculated in Step 1) and interest rate (Cell E7).

For subsequent months, this will same as previous month’s closing balance.

Opening Balance is same as loan amount for month=1.

Related: Read about SEQUENCE and other Dynamic Array functions in Excel. You can use =SEQUENCE(360) to automatically generate all the months.

So, set up a range of 360 months (or longer if you want to cater for longer mortgages). It calculates the interest and principal payments for a given loan amount within a set timeframe. In my case, let’s say loan is $500,000, term is 20 years and APR (Interest rate) is 5.35% per annum.Īs extra payment will bring down the outstanding loan term, we need to set up an amortization table to see the impact clearly. This all-purpose Microsoft Excel amortization schedule template can be used for a variety of loan types including personal loans, mortgages, business loans, and auto loans.

Step 1: Calculate the monthly (or weekly / fortnightly) payment:Īssuming you have the Loan amount, term & APR in three cells E5, E6 & E7, we can use the PMT() function to calculate the periodic payment.

Loan amortization schedule excel download