This Google Sheets (or Excel) calculator shows how much money in interest you can save, and how much sooner you will pay off your mortgage, as you make additional payments each month. MORE DETAIL on How you can use the Mortgage Amortization With Paydown Savings Spreadsheet: You can enter additional payment amounts and the Amortization Schedule, as well as all the output calculations above, will be recalculated for you showing you how much you saved over the life of the loan by making those additional payments! Here is where you can optionally enter additional payments at the dates associated with any payment. The Amortization Schedule is presented with Payment period, Date of payment, Payment Amount, Interest portion of payment, Principal portion of payment - plus any additional payment components you added above - and the new Principal Balance at the end of every payment period.

Most importantly, the number of payment periods reduces, and the life of your loan decreases - meaning you reduce your total interest paid and get out from under your debt sooner! As you enter additional payments, your principal balance reduces and your amortization schedule adjusts. We can use Excel to easily construct a loan amortization schedule.At this step you already have a VERY USEFUL full loan amortization schedule - month-by-month! But here is where this spreadsheet gives you the most useful feature - the ability to enter any additional loan payments you plan to make (or have already made) at any month through the life of the loan or mortgage. It also provides the principal balance outstanding after each payment. Loan Amortization ScheduleĪ Loan Amortization schedule breaks down each payment into its interest and principal components for the full term of the loan. We will learn more about this as we work through this chapter.Ĭommon loans that are amortized are auto loans, home loans (mortgages) and personal loans. The term of the loan and amortization period may not be the same length. At the end of the loan’s term, the principal balance becomes due.

The Amortization Period is the period required to repay a loan. Each payment first pays off the interest for that period and any remaining amount of the payment is applied against the principal. Each payment consists of a combination of principal and interest. Loan Amortization refers to the repayment of a loan by scheduled regular payments over time. Loan Amortization Schedule Loan Amortization

Mortgage amortization schedule excel