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Excel Mortgage Amortization Schedule With Escrow In Cook
State:
Multi-State
County:
Cook
Control #:
US-0019LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
To use our amortization schedule calculator, you will need a few pieces of information, including the principal balance for your mortgage, your annual interest rate, the term of the mortgage and your state of residency. You can also enter additional payments to see how this affects your overall mortgage length.
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The formula to be used will be =IPMT( 5%/12, 1, 60, 50000). In the example above: As the payments are made monthly, it was necessary to convert the annual interest rate of 5% into a monthly rate (=5%/12), and the number of periods from years to months (=512).
Example of Amortization In the first month, $75 of the $664.03 monthly payment goes to interest. The remaining $589.03 goes toward the principal. The total payment stays the same each month, while the portion going to principal increases and the portion going to interest decreases.
The monthly interest rate is derived from the annual percentage rate. To find the monthly interest (J), divide the annual percentage rate by 100, then divide that by 12 (the number of months in a year). For example, if the annual rate is 7.5%, the calculation would be: J = 7.5 / 1200 = 0.00625 .
Fortunately, Excel can be used to create an amortization schedule. The amortization schedule template below can be used for a variable number of periods, as well as extra payments and variable interest rates.
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While this can be done by hand in a ledger, if that's your style, there are several amortization calculators online as well as amortization schedule chart templates for popular spreadsheet programs, like Microsoft Excel.
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