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Author: admin | Category: Car Loan Canada | Date: 09.02.2015

An amortization schedule is a table that shows each loan payment and a breakdown of the amount of interest and principal. We've now seen how the principal and interest components of each payment are calculated. The two functions from the Finance menu that we are going to use are the IPMT (interest payment) and the PPMT (principal payment) functions.
Excel does not have a built-in function to calculate the remaining balance after a payment, but we can do that easily enough with a simple formula.
As noted in the beginning, an amortization schedule is simply a listing of each payment and the breakdown of interest, principal, and remaining balance.
The first thing that we want to do is to set up the table starting with the labels in A8:E8. Check your results against those shown above, being very careful to type the formulas exactly as shown (the $ are important because they freeze the cell references so that they don't change when we copy the formulas down). Just for fun and some functionality, I fancied it up a bit by using some IF statements, conditional formatting, and creating a chart that shows the remaining balance over time.
The formulas that we entered above for the payment, interest, principal, and remaining balance will work most of the time. Again, the only change is that the formulas first check to see if the remaining balance is essentially zero.
Recall that we set up this spreadsheet so that it could handle a maximum of 30 years of monthly payments. We can fix this with the Conditional Formatting functionality that is built in to recent versions of Excel. First, select cells A10:E369 since we are going to apply the formatting to all of them at once.
The final enhancement that I have made is to create a chart that shows the remaining balance declining over time.
If you want to pay off your home mortgage or are looking for a faster way to get out of debt, consider using a loan payoff calculator Excel template. Using a loan payoff calculator, you’ll know exactly in what order to pay off your debts.
Perhaps the biggest advantage of a payoff calculator is it helps you to set goals for when you can pay off your loans and be out of debt.


Did you know that Amazon is offering 6 months of Amazon Prime - free two-day shipping, free movies, and other benefits - to students? In this tutorial we will see how to create an amortization schedule for a fixed-rate loan using Microsoft Excel and other spreadsheets (the next part shows how to handle extra principal payments and also includes a sample spreadsheet using this same example data).
The terms of the loan specify an initial principal balance (the amount borrowed) of $200,000 and an APR of 6.75%. Now, in column A we want a series of numbers from 0 to 360 (the maximum number of payments that we are going to allow). Once your results in row 10 match the picture, copy the formulas all the way down to the end of the table in row 369. Even though these things are mostly for looks, they also improve the functionality of the spreadsheet.
I also have a tutorial that shows how to create an amortization schedule with extra principal payments. This tool makes it easier for you to calculate how much you will be required to pay every month. Generally, loan payoff calculators use two different methods to help prioritize debt payoff. Almost all of this tutorial also applies to virtually all other spreadsheet programs such as Open Office Calc and Google Docs & Spreadsheets. Typically, but not always, a fully amortizing loan is one that calls for equal payments (annuity) throughout the life of the loan.
Note that since we are making monthly payments, we will need to adjust the number of periods (NPer) and the interest rate (Rate) to monthly values. This, in turn, means that the interest payment will be lower, and the principal payment will be higher (because the total payment amount is constant), for each successive payment.
Note that in both functions, we specified that Per (the payment period) is 1 for the first payment.
For example, after the last payment is made the remaining balance may be displayed as 0, but Excel might think that it is really something like 0.0000000015.
In this case we are going to use almost the same logic, except that we are testing to see if we are at the last payment, rather than after it.
By putting in an extra couple hundred dollars on your mortgage or your car payment, you can find out how much quicker you can pay it off.


A payoff calculator automatically calculates interest versus principal reduction each time you make a payment.
Some payoff calculators focus on the smallest amount of debt first and then work their way towards the larger amounts. It is also exciting to use a payoff calculator to watch your debt disappear in just a view short months or years.
Spreadsheets have many advantages over financial calculators for this purpose, including flexibility, ease of use, and formatting capabilities. This is due to several factors, including the way that computers do math (in binary instead of decimal, and the conversions aren't always perfect). Scroll down the worksheet and you should see an underline after payment 180 and that all of the cells below that are blank. So, it is helpful to adjust the results of our formulas once the remaining balance is small enough to effectively be 0. We can determine if a cell is after the last payment by comparing the payment number (in column A) with the total number of payments (B3*B5). Ideally, you want to check a few different variations, and come up with the one that works best for your budget and your long-term goals. It is the presence of the principal payment that slowly reduces the loan balance, eventually to $0. If the remaining balance is small enough, then I'm going to tell the formulas to treat it as 0. A lot of people today use these calculators to help them decide which debts to pay off first. If extra principal payments are made, then the remaining balance will decline more quickly than the loan contract originally anticipated.
To do this, I'm using the Round function to round the remaining balance to 5 decimal places to the right of the decimal point. The table below shows the formulas that you should enter into B10:E10 and then copy down the to the end of the table.



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