An amortization schedule is a chart that is used to depict each corresponding payment that has been made on an amortization loan, specifically the amount of interest and the percentage that is allocated towards to principal balance. Determining these factors single-handedly can prove to be a fairly complex task, as you use a specific algebraic formula to determining the amount made on monthly payments, the total amount of interest and the breakdown of each monthly payment. You can get a downloadable Excel amortization schedule formula template right here on this page. Simply click on the link to get started.
Tips for Using the Amortization Schedule Formula Template
After you download and unpack the free Excel template from there, you will see that all the categories are already outlined. To ensure that you successfully fill out the Amortization Schedule Formula, here are a list of things that you should document on a daily basis.
- Total Balance Of The Loan
- Amount received On The Due Date
- Amount of Principal ‘In Dollars’
- The Cumulative Interest
In the past, many companies felt the difficult workload of having to manually complete the necessary equations required in order to successfully calculate their clients pay history and in some cases, detrimental errors were made as a result of miscalculation.
Gone are the days whereby you would have to sit there with a calculator, tediously cracking out algebraic equations to document the progress of the client’s payment history.
One of the many benefits of utilizing an already made Excel amortization schedule is the fact that you don’t have to worry about inserting the initial settings and formula by hand. This means that your calculations will be a lot more accurate as opposed to inserting the formulas required for successfully creating an amortization schedule formula.
By utilizing the free downloadable template, you can take out the complexity of having to do it by hand and get the results you need in a more time efficient manner. You can download the customizable Amortization Schedule Formula for free today!
Download: Amortization Schedule Formula