Loan Amortization Schedule Excel With Grace Period In Pima
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The GOOGLEFINANCE function allows you to import real-time financial and currency market data straight into Google Sheets.
The Rule of 78 weights the earlier payments with more interest than the later payments. In 12 equal installments, interest is allocated as follows: 12/78 of the interest is considered earned in the first month, 11/78 in the second, 10/78 in the third, and so on.
For example, if the start date is January 1, 2019, and the end date is March 15, 2021, the formula would be =MONTH(end_date)-MONTH(start_date)+12(YEAR(end_date)-YEAR(start_date)) . This will give you the number of months between the two dates.
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. Just make sure your lender processes the payment this way.
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.
