Creating an Amortization Schedule with Excel Templates

Creating and Using Amortization Tables in Microsoft Excel

An amortization schedule, or table, is a valuable tool for visualizing your loan payments. Whether you’re managing a personal, auto, or home loan, Microsoft Excel and third-party templates make it easy to create and customize an amortization schedule. Here’s a breakdown of options available:

1. What Is an Amortization Schedule?

An amortization schedule breaks down:

• Principal and Interest: Displays the amount of each payment going toward the principal versus interest.
• Outstanding Balance: Shows how much you still owe after each payment.
• Loan Overview: Tracks the loan from start to finish, including any additional payments.

This is especially useful for tracking progress, estimating savings from early payments, or comparing refinancing options.

2. Microsoft Excel Templates

Simple Loan Calculator and Amortization Table

• Accessing the Template:
  • Open Excel, go to the Home tab, and click More Templates.
  • Search for “Amortization” and select Simple Loan Calculator.
  • Click Create to load the template.
• Using the Template:
  • Replace the sample data with your loan details:
    • Loan amount
    • Annual interest rate
    • Loan term in years
    • Loan start date
  • The table will automatically calculate:
    • Monthly payments
    • Total interest paid
    • Ending balance after each payment
  • Copy the sheet to a new tab for managing additional loans or scenarios.

3. Advanced Third-Party Templates

Vertex42 Amortization Schedule

• Features:
  • Customizable payment frequency and compound period.
  • Options for extra payments and rounding adjustments.
  • Summary section showing totals and estimated savings.
  • Separate tabs for managing unpaid or accrued interest.
• Usage:
  • Enter basic loan details (amount, interest rate, term, first payment date).
  • Adjust settings via dropdowns for payment type and frequency.
  • Add extra payments directly to the schedule.

Spreadsheet123 Amortization Schedule

• Features:
  • Visual summary using combo charts (principal vs. interest).
  • Toggle between Amortization Schedule and Payment Schedule views.
  • Handy rounding options and spots for additional payments.
• Usage:
  • Fill in the Loan Terms section with basic details.
  • Use dropdown lists for advanced settings like payment frequency.
  • View and manage payments with a clear summary at the top.

4. Home Mortgage-Specific Templates

Vertex42 Home Mortgage Calculator

• Features:
  • Options for fixed or variable-rate loans.
  • Tax deduction calculations.
  • Charts for balance by year and interest history.
• Usage:
  • Enter loan information and select payment details.
  • View charts for a quick snapshot of progress.
  • Add tax and additional payment details to optimize your financial planning.

5. Benefits of Using Excel Amortization Tables

• Customization: Adjust parameters like payment frequency, extra payments, and interest rates.
• Clarity: Provides a clear breakdown of payments and balances.
• Flexibility: Templates are adaptable to different loan types (auto, mortgage, personal).
• Visualization: Includes charts and summaries to help track progress.

With these templates, you can easily create and manage an amortization schedule tailored to your needs. For more financial planning tools, consider exploring Excel functions for budgeting, expense tracking, or savings projections.

Unlock powerful features with a genuine Office 2021 Professional Plus Key – get the best deal at the lowest price today!