by CI Staff
The Loan Amortization Schedule worksheet for Excel is a tool used for loan calculations. The worksheet is formatted with built-in formulas, so all you have to do is put in your loan information. It can complete an amortization schedule for any type of loan. After you input your loan information, the spreadsheet calculates your monthly payment. A summary is provided about your information, including the rate, number of payments, total payments and estimated interest savings. Below the loan information and summary is the amortization schedule, which is displayed clearly for the user.
Certain cells in the sheet show red flags; if you hover over these cells, you will get an explanation of what each cell represents. For example, if you hover your mouse over the Additional Payments cell, an explanation of its function will pop up. A second spreadsheet, titled Payment, provides an alternative way to record payments. Users would use this sheet if they are going to pay more than the required monthly payment. Any amount above the payment due is used to pay off the principal, and the Payment worksheet reflects this. Although you can not load two or more sets of data on one sheet, it is a helpful worksheet for those trying to keep track of their amortization.
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