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Author: admin | Category: Lease Car Calculator | Date: 13.12.2014

An amortization schedule is a list of payments for a mortgage or loan, which shows how each payment is applied to both the principal amount and the interest. This spreadsheet-based calculator creates an amortization schedule for a fixed-rate loan, with optional extra payments.
Start by entering the total loan amount, the annual interest rate, the number of years required to repay the loan, and how frequently the payments must be made. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, bi-weekly, or weekly. The Commercial Version allows you to use this spreadsheet in your loan or financial advisory business.
The header includes a place for the borrower's name and your company info: View Screenshot. The Vertex42 logo and copyright are outside the print area so that they don't show up when you print the schedule. This spreadsheet provides a more advanced way to track actual payments than the Payment Schedule included in the standard Loan Amortization Schedule. Usually, the interest rate that you enter into an amortization calculator is the nominal annual rate.
Basic amortization calculators usually assume that the payment frequency matches the compounding period. Some loans in the UK use an annual interest accrual period (annual compounding) where a monthly payment is calculated by dividing the annual payment by 12. There are two scenarios in which you could end up with negative amortization in this spreadsheet (interest being added to the balance). A loan payment schedule usually shows all payments and interest rounded to the nearest cent.
When an amortization schedule includes rounding, the last payment usually has to be changed to make up the difference and bring the balance to zero.
With this template, it is really quite simple to handle arbitrary extra payments (prepayments or additional payments on the principal). If you are on your last payment or the normal payment is greater than (1+rate)*balance, then pay (1+rate)*balance, otherwise make the normal payment.
No car buyer would not want a low interest rate for his or her auto loan.  Indeed, buying a car is expensive and if one would take a loan to make the car purchase, it is going to be more expensive.
There are still more variables which are also important for car buyers to understand.  Indeed, a loan calculator for auto loans helps in the analysis of the amounts involved in an auto loan and especially, in the borrower’s decision on which is auto loan offer to take. Thanks to rising incomes, the growing array of vehicles that cater to various budgets starting from as low as P500,000, and attractive financing packages from the banks and the automotive companies themselves, more Filipinos are able to afford sedans, sports utility vehicles, vans or even sports cars to suit their requirements. Local banks have been cashing in on this growing demand for a car loan, as shown in their aggressive, competitive marketing activities that offer various freebies and promos to entice first-time car buyers, or those wanting to get a second family vehicle.
The ease with which Filipinos are securing auto loans was deemed among the biggest factors sustaining the double-digit growth of vehicle sales in the country.
To help identify which financing package best suits your needs and ensures that you stay within your budget, you can conduct a “self-assessment” based on the bank’s requirements. By doing so, you can see for yourself whether you are eligible for an auto loan and which vehicles will fall within your income bracket. First, decide whether a loan will be for a brand-new vehicle or for a second-hand unit as the terms will differ.
Some banks already allow those with a monthly income of about P30,000 to P40,000 to take out a loan for a P500,000 sedan, provided that you make at least a 20 percent downpayment. For BPI and PSBank, it can be as low as P30,000 but for the likes of BDO, it has to be at least P50,000.


Most banks require practically the same documents: a signed car loan application form, at least two valid government issued IDs, the latest income tax return (ITR) or BIR Form 2316, certificate of employment with salary, latest audited financial statements for the self-employed, and tax identification number. The amount that can be borrowed will depend on your capacity for repayment, and can be used mostly for purchase of passenger cars, passenger vans, trucks, sports utility vehicles, and Asian utility vehicles.
The minimum amount varies across banks, but the maximum amount is practically uniform at 80 percent of the net selling price of a brand new vehicle.
For pre-owned vehicles, the maximum amount that can be borrowed is much lower at around 50 percent to 70 percent of the appraised value. Most banks provide a repayment period of between 12 months and  60 months (one to six years), but there are a few like BDO that allow up to 72 months. Most banks do not publish the interest rates for auto loans but instead, provide the so-called “loan calculator” wherein you can already compute your monthly amortization based on preferred terms. Some banks give an option for repayment schemes whether one month advance (OMA), which means the first monthly amortization is due upon booking of the loan and every month thereafter; or in arrears, which means that first monthly amortization is due one month after booking of the loan and every month thereafter. Other banks like PSBank, meanwhile, have published on their website the standard rates for auto loans. Normally, interest rates are lower for loans with a shorter repayment period and a higher downpayment. For some vehicle dealers, insurance policies, chattel mortgage fees and registration may be bundled in ongoing promotions.
BDO, for instance, offers all- in financing that includes chattel mortgage fees, first year car insurance program and three year registration with the Land Transportation Office (LTO).
Make sure to check ongoing promos from banks and automotive firms to get the best value out of your money. At times, car dealers throw in a few “freebies” in the package which you might want to take note of as well. As for the loan repayments, the most common modes would be through an auto debit arrangement with your bank or through the issuance of post debit checks.
Thus, given the sea of loan options available for the taking, do your research first and compare rates and terms across preferred banks before making that big purchase.
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The schedule shows the remaining balance still owed after each payment is made, so you know how much you have left to pay.
Then you can experiment with other payment scenarios such as making an extra payment or a balloon payment. You can also make multiple copies of the Schedule worksheet within the same workbook, to compare different loans and scenarios.


It can be used to estimate a payment schedule for a Simple Interest Loan or Simple Interest Mortgage, in which the interest accrues daily in a separate interest accrual account.
It allows you to create a payment schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period. However, when creating an amortization schedule, it is the interest rate per period that you use in the calculations, labeled rate per period in the above spreadsheet.
In that case, the rate per period is simply the nominal annual interest rate divided by the number of periods per year. The cost of the monthly amortization is a second consideration,” explained Agudo, who also heads the Association of Vehicle Importers and Distributors (Avid). We reserve the right to exclude comments which are inconsistent with our editorial standards. Fill up the form here to receive 5 of the most competitive car insurance quotes in Singapore.
Cartoons are a great way to liven up your next newsletter or presentation to help you sell your message with humor. To create an amortization schedule using Excel, you can use our free amortization calculator which is able to handle the type of rounding required of an official payment schedule. Make sure to read the related blog article to learn how to pay off your loan earlier and save on interest. When the compound period and payment period are different (as in Canadian mortgages), a more general formula is needed (see my amortization calculation article). The way to simulate this using our Amortization Schedule is by setting both the compound period and the payment frequency to annual. The second is if you choose a compound period that is shorter than the payment period (for example, choosing a weekly compound period but making payments monthly).
Changing the Payment Amount makes more sense to me, and is the approach I use in my spreadsheets.
For fixed-rate loans, this reduces the balance and the overall interest, and can help you pay off your loan early.
You can use the free loan amortization schedule for mortgages, auto loans, consumer loans, and business loans. Many loan and amortization calculators, especially those used for academic or illustrative purposes, do not do any rounding.
So, depending on how your lender decides to handle the rounding, you may see slight differences between this spreadsheet, your specific payment schedule, or an online loan amortization calculator.
But, the normal payment remains the same (except for the last payment required to bring the balance to zero - see below). You may need to change this option if you are trying to match the spreadsheet up with a schedule that you received from your lender. If you are a small private lender, you can download the commercial version and use it to create a repayment schedule to give to the borrower. This spreadsheet rounds the monthly payment and the interest payment to the nearest cent, but it also includes an option to turn off the rounding (so that you can quickly compare the calculations to other calculators).



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