Amortization schedule templates are used by individuals once a loan has already been granted after the successful processing of their application for mortgage. If you are one of these people, you have now entered into the long-term stage of amortization, or the process of paying off the mortgage. This process works the same way for other large loans as well. The amortization table will list all the payments in installments over the course of the loan period, along with the date of each payment. These will keep you on track and, if you follow it faithfully, will steer you clear of any complications down the road.
If you need help with setting up a schedule for yourself, these tables as well as others we stock here on Template.net will make sure you’ve got the whole process down pat.
Loan Amortization Table
Mortgage Amortization Table
Amortization Factor Table
Amortization Table in Excel
What Is an Amortization Schedule?
The amortization schedule is a table that shows you when your next payment is due and what the amount is, based on your total loan amount and interest rate. This schedule should last the entire length of your loan period until the lien on the property is released and the property is yours.
Why Do I Need an Amortization Schedule?
Loan amortization templates will help keep you on track if have a huge loan to pay off but don’t want to calculate every month how much you owe. It is a handy way to make sure you never miss a deadline and that you are adequately prepared for the date, especially if your life is a hectic one full of other deadlines.
Not having a long-term plan prepared in this scenario could mean you end up not having enough money to make the payments, and this will throw the whole schedule off course.
How Do I Calculate My Monthly Payments?
This is normally done with an amortization calculator, given the
- total loan amount,
- duration of amortization period, and
- annual interest rate.
Don’t have an amortization calculator? We provide you these simple solutions:
- Download the Amortization Table in Excel, which is a spreadsheet that you can modify to input your own data under the given headings. If you’re still lost, there are calculation tutorials all over the Web, some specifically for Excel.
- If you want to make sure your calculations are right, use the Amortization Factor Table to calculate your monthly payments depending on your annual interest rates and loan duration.
How Do I Schedule Payments?
The breakdown of your periodic installments can be done in different ways:
- Weekly or bi-weekly
- Monthly, bi-monthly, or semi-monthly
- Annual or semi-annual
- Quarterly (every 3 months)
Often the choice is made for you based on the mortgage agreement with the lender, which will state the number of payments due over the course of the loan period. Your schedules should reflect these payments.
Sample Amortization Table
How Do I Use These Templates?
These tables are available as references to give you a general outline of how an amortization schedule is laid out. Printable amortization tables and modifiable file types can be used to your advantage.
Be sure to check out our archives for other collections just like this one for even more resources on setting up your schedules.