An amortization schedule shows the list of due payments along with the interest rates that are applied to the loan amount. It is very easy to list the detailed payments so that you can determine the interest charges and principal rate of the amount and calculate all the due payments you have. To create such a schedule, the best possible way is to use schedule templates for reference.
6 Steps to Prepare an Amortization Schedule in Excel
Step 1: Open Spreadsheet
We will be doing our Amortization Schedule in Excel. So the first step is to open a new spreadsheet in Microsoft Excel. Go to File Menu and select New Document option. A blank spreadsheet will open in front of you.
Step 2: Create Labels
Create a table on the blank spreadsheet. Add the different labels on the table: Loan Amount, Interest Rates, Months and Payments. These labels are the terms that you need to add to the schedule.
Step 3: Add Loan Details
Loan and debt amounts take different forms like bonds that require interest payments. Now you have to add the amortizing loan interest rate as a percentage amount to the adjacent cells of the labels that you have given. They mainly include mortgages and leases.
Step 4: Enter Interest Rate
Now you need to add the interest rate in the table under the respective label. Interest rates are added to the loan amounts by banks based on the principal amount that is owed after every payment is made. The principal increases with time while the interest amount decreases.
Step 5: Calculate Payment
To calculate the loan’s interest, you need to divide the rate by 12 to get the monthly rate. The monthly interest rate needs to be multiplied with the principal loan amount to find a single month’s interest. Now you have to subtract this interest from the monthly amount and you will get your principal payment amount. In Excel, you can use formulae to do this calculation automatically.
Step 6: Complete the Table
Add Total Payments and Total Interest to the Loan Summary to complete the schedule. Use the formulae SUM to calculate the total amounts and your amortization schedule table is done. Make sure the final ending is zero by using the AutoFill Option.
6+ Amortization Schedule Templates
1. Amortization Schedule Template
In case you have due payments to make, our amortization schedule template can be useful to you. It comes in different file formats of Microsoft like MS Word and Excel, besides others so that you can make your payments on time! You can use its pre-loaded format and add your billings after you edit it in your available editing programs. The best part is it is customizable with standard Google fonts so you can edit whenever required.
2. Loan Amortization Schedule Template
It is very important to make a loan and payment schedule based on your initial loan. The best way to keep track of all your due payments by using a loan amortization schedule. So without further wait, download this template in Google Docs and Google Sheets format on your device for adding your list of payments with the deadline so that they remind you anytime you see it.
3. Simple Amortization Schedule Template
Our simple amortization schedule template is a premium template that you can use to create your payment table in any format you wish like MS Excel or even Google files. It has a professional design that allows you to add your principal amount and the interest rates together to make easy calculations. With better customization, you can print this ready-made sample template instantly in universal paper sizes, too!
4. Car Loan Amortization Schedule Template
Buying your dream car should not be tough. Take a car loan and fulfill your dream, leaving the rest to us. Get this Car Loan Amortization Schedule template in Apple Pages and Numbers that lets you determine the loan amount, the duration of paying it back and the interest rates applied on the amount. You will be able to calculate your car loan amortization without any hassles with this schedule template.
5. Amortization Schedule in PDF
If you need to keep your amortization obligations at bay, you can create a table using our loan schedule template. You can download the Amortization Schedule on your device in PDF format which supports Google fonts and suggestive content. Also, you can edit any part of the content to suit your needs! We can guarantee that you will enjoy creating a loan schedule.
6. Request for Amortization Schedule
If you are worried about how to make your due payments in time, then you will need o to create a proper amortization schedule to help you add all the details of your loans, interest rates and calculate the total amount in an organized way. Download this Request for amortization schedule sample which you can modify the way you want it and also print it out instantly whenever you need it!
7. Amortization Schedule Example
If you require an efficient loan scheduling document, make sure you have our Amortization Schedule Example which makes it easier for you to create a loan summary and payment schedule whenever you need one. It’s better to be prepared as early as possible rather than regretting later when the deadline is over. Get this sample amortization schedule right away!