excel amortization schedule with extra payments

Remember, paying down the principal is your pal. You can also enter optional extra payments within the table to estimate the interest savings. Edit the cells within the blue cell borders (Loan Amount, Term, Interest Rate, etc.), and watch the rest fill themselves in. A fixed-rate loan with an interest-only option is fairly simple to understand and predict, but interest-only mortgages with adjustable rates seem much more risky. Use this spreadsheet to create an amortization schedule for a fixed-rate loan.

I can't answer that for you, but I would strongly recommend reading through the material listed in the references below. If you want to include extra payments, you enter them in the amortization table.īe sure to read the comments within the file (marked with a little red triangle on some of the cells) if you have questions. Simply enter your loan information in the cells with the white background and everything else is calculated automatically. Borrowers can choose to make recurring extra payments or a one-time lump sum extra payment, the results will be shown in the new customized amortization schedule, and borrowers will be able to see when they can pay off their loans with the additional payments. Our spreadsheet should be pretty intuitive to use. We've also made a few cosmetic changes and updated comments and help info.Ī commercial use version of this Interest-Only Loan calculator is included as a bonus spreadsheet when you purchase the Loan Amortization Schedule.

Update : The main XLSX version for Excel 2007+ has been updated to allow duplicating the loan worksheet (for comparing different loans within the same workbook). Next, the schedule shows how much of the payment is applied to interest and how much is applied to the principal over the duration of the loan. It will work for an interest-only loan or interest-only mortgage. This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period.

Excel amortization schedule with extra payments