Excel Loan Amortization Template With Extra Payment In Cuyahoga
Description
Form popularity
FAQ
FV=PMT(1+i)((1+i)^N - 1)/i where PV = present value FV = future value PMT = payment per period i = interest rate in percent per period N = number of periods.
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.
You can find a variety of schedule templates in Excel, ranging from monthly schedules, weekday displays, and schedules with notes. There templates are pre-made and formatted, ready for you to add your own information. With so many available schedule templates, how do you know which one is the easiest to use?
Even a single extra payment made each year can reduce the amount of interest and shorten the amortization, as long as the payment goes toward the principal and not the interest.
If you prepay your mortgage you reduce the principal balance, reducing the interest due next month and every month forward. If you prepay $1000 on your mortgage, the interest next month will be reduced by 10003.7%/12=3.08 You will still make the same payment, but an additional 3.083 will be credited toward principal.
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.
