Managing loans can be challenging, especially when trying to understand how much of the money goes towards interest and the principal. A Loan amortization schedule can make things easier by breaking down your payments over time.
You can use spreadsheet programs like Excel to precisely calculate interest paid, the principal amount remaining, the total months elapsed since your first payment, and more.
Things get complicated when you include extra payments to pay off a loan faster.
However, with Excel, such complex calculations are a breeze.
Welcome to this guide, where we will discuss the top 7 free loan amortization schedule templates created using Excel.
Top 7 FREE Loan Amortization Schedule Excel Template
There are several spreadsheet templates available on the Internet to organize your loan information and ensure timely payments. A few Loan Amortization Schedule templates display the principal and interest amounts of each EMI over the loan repayment period.
Here are our top picks for the best Loan Amortization Schedule templates created using Excel.
1. Loan Amortization Spreadsheet Calculator by Software Accountant
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This professional-looking loan amortization calculator is suitable for both beginners and advanced users. It is free to download and can be customized to your requirements without any limitations.
Start by entering the basic debt details at the top,
- Loan amount
- Annual interest rate
- Loan term
- Number of payments per year
The extra optional amount you wish to pay.
You can also include the payment frequency by entering the number of payments per year.
After entering the details, the template will automatically calculate the following summary,
- Total number of payments
- Monthly installment amount
- Total payment over time
- Total amount paid as interest
The template includes a huge table that breaks down the monthly installments. You will know the exact amount going towards your debt’s principal and interest. It also displays the ending balance after paying your monthly EMI.
The Summary and the Payment Schedule sections are calculated using the built-in Excel formulas. So, do not edit the cells holding the formula; otherwise, you will end up messing with the calculations.
2. Loan Amortization Schedule Template by Vertex42
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Yet another comprehensive loan amortization calculator.
It is designed by Vertex42 to keep track of your monthly EMIs. Start by entering the loan amount, annual interest rate, term of loan (in years), first payment date, etc. After filling in all the essential details, the template will determine the total payment done and interest paid over time.
At the bottom, in the Amortization schedule table, you will find detailed information about how much interest and principal amount will be paid each month. As this template contains formulas, do not make any changes to the cells containing the formulas. If you do so, the template will not work as expected.
It also has a Help sheet, which can be referred to for instructions.
3. Loan Amortization Schedule Template by Ablebits
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This is a simple yet feature-rich loan amortization schedule template on this list. It allows you to enter the annual interest rate, loan term, payments per year, and loan amount in the input cells (gray cells).
Based on these inputs, the schedule automatically calculates the monthly payments, along with the amounts going toward principal and interest in the table in the middle.
- The Schedule as positive numbers sheet is similar but presents the figures in a positive format (without brackets for negative amounts), making it easier to read.
- The Amortization with an extra payment sheet allows you to pay extra money to repay your loan faster. It shows how making additional payments will reduce the overall interest paid and shorten the loan term.
Each sheet provides valuable insights into loan management, helping you track your progress toward full repayment.
4. Amortization Schedule with Extra Payments Template
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This template is identical to the above one. It includes two critical sheets for tracking loan amortization and summarizing payments over time.
The standout feature is its ability to calculate the repayment schedule while accounting for extra payments made during the loan term.
Let me quickly explain the two sheets available in this template:
- Amortization Schedule With Extra Payments: This is the main sheet. At the top, you can input various loan details, such as the total loan amount, down payment, loan term, payments per year, and any additional monthly payments. Once entered, the template automatically generates the payment schedule and the graph on the “Balance Over Time” sheet.
- Balance Over Time: This sheet contains the graph generated using the values in the first sheet. The sections are pre-formatted and should not be edited directly.
You can customize this template to fit individual or business needs.
Make sure to thoroughly explore the template, as it includes advanced features compared to others on this list.
5. Amortization/EMI Details Template by Skipser
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Are you looking for a tool that generates an amortization schedule based on your loan details?
This template by Skipser can be the right choice for you. Download this calculator for free and customize it by adding names, changing colors, or even inserting logos.
It has three tables:
- In the first table, you’ll input all your loan details, such as the total loan amount, annual interest rate, loan term in years, and monthly payment frequency. You can also add optional extra monthly payments to see how they affect the loan term and reduce interest over time.
- The Loan Summary table provides a concise overview of your loan. It shows the monthly payment amount, total payments over the loan term, and total interest paid.
At the bottom, this template has a large Amortization Schedule table, which gives a detailed table that automatically populates the loan summary below. It provides the due date for each payment, opening balance, installment amount, breakdown of interest and principal, and the remaining balance after each payment.
This template uses many built-in formulas. Do not edit the cells containing the formulas; otherwise, the template will not work as expected.
6. Loan Amortization Schedule by Chandoo.org
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This is a minimal loan amortization schedule template by Chandoo.org. It is a helpful tool for anyone looking to manage their loan payments efficiently.
At the top, you can input essential loan details such as,
- Interest rate
- Loan duration
- Payments per year
- Total loan amount
The table below automatically calculates your monthly payment, including the amount paid toward principal and interest and the remaining loan balance.
The summary section on the right clearly shows the total amount paid, the principal paid, the total interest, and the interest percentage over the loan period.
7. Debt Repayment Template
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This is our final pick on the list. It is designed to help students manage their education loans.
The template features a user-friendly dashboard that provides a quick overview of the total loan amount, interest rates, monthly payments, loan terms, and total interest paid over time.
Since students often take out multiple loans from different sources, the template includes multiple sheets to calculate the amortization schedule for each loan.
It is divided into two sections.
- In the first section, you can input the loan details.
- In the second section, the template automatically calculates the monthly payments, along with a breakdown of interest and principal.
Although the template is designed with students in mind, its advanced features make it suitable for anyone managing multiple loans.
What is a Loan Amortization Schedule?
Source: www.investopedia.com
A Loan Amortization includes a list of payments to be repaid, including interest. The main goal is to display how each payment is split between principal and interest.
It gives a detailed breakdown of your loan repayments over a given period. The payments are typically the same each month, but the interest decreases over time.
This is because the interest amount is calculated based on the remaining loan balance.
You can use this for any financial situation where you need to track your long-term payments, such as Business loans, mortgages, consumer loans, and long-term rentals.
Once the whole loan is repaid, the amortization schedule logs the borrower’s principal payments and the total interest for the duration of the loan. In simple words, a Loan Amortization Schedule calculates the monthly installments to determine the amount of principal and interest paid over time.
Benefits of using Loan Amortization Schedule Calculator
Using a Loan Amortization schedule offers several benefits, especially when managing a large loan such as a mortgage, car loan, or home loan.
Below are a few advantages:
- Detailed Breakdown of Payments: This schedule shows how much of your money goes towards the interest and how much reduces the principal, making it easy for you to track monthly payments.
- Easy Loan Management: Knowing how much money remains to be repaid helps you plan your finances and know how much you still owe.
- Track Extra Payments: This tool tracks how additional payments impact your loan amount. It also gives you an idea of how much faster you will pay off the loan and how much interest you will save.
- Helps with Budgeting: Since this schedule allows you to know your loan payments in advance, it is easier to budget and manage other expenses.
Apart from these, the calculator automatically adjusts the total months required and the amount left to be paid.
Why is the Loan Amortization Schedule template created using Excel a must-try?
Microsoft Excel has robust features that can be used to manage and analyze large datasets. Creating a loan amortization schedule using Excel has several advantages.
Here is why an Excel loan amortization schedule template is a must-try:
- Easy to Use: Most people are familiar with Excel, making it easy to use without any special skills or advanced technical knowledge. You only need to enter the primary details, and the template will automatically calculate the amortization schedule.
- Automated Calculations: Excel has over 400+ built-in functions and formulas. It can automatically calculate the principal, interest, and remaining balance for each payment, saving you the burden of manual calculations.
- Budget-Friendly: If you already have access to Excel or Microsoft 365, you can manage your loans without spending a penny. There are many free loan amortization schedule templates available online, which can be downloaded and customized without any limitations, making it an affordable option to track your EMIs.
- Extensive Customization: Excel templates are highly customizable. You can change the loan amount, interest rate, term, and even extra payments to fit your needs. You can also add or remove columns depending on the information you want to track.
- Visual Insights: Excel has many graphs and charts that can be used to visually show how your loan balance decreases over time, providing a clear understanding of your financial progress.
Not only these, but you can access Loan amortization Excel templates from any device like your desktop or smartphone.
To Summarize: Loan Amortization Schedule Excel
Using a Loan Amortization Schedule Excel template helps you manage your loans efficiently.
Whether it is a student loan or a mortgage loan, a detailed schedule helps you keep track of how your payments are split between interest and principal. For those who want to repay their loans quickly, using such a template with extra payment options is a great way to visualize the impact of additional payments.
For more tips and tricks on using Excel like a pro, please refer to our blog section. We also have a variety of templates available to improve productivity and save time; make sure to explore them.