Loan Amortization Schedule for Excel is, no surprise, an XLS file that has loan amortization formulas embedded in it. Distributed as a ZIP file with the XLS sheet and a couple of text files (release notes and license agreement), theres no installation process to follow. Just open the XLS file with Excel (or compatible program) and youre good to go.
The layout of the first sheet is simple: space at the top for loan mount, interest rate, term, and a few other details like payment frequency and compounding period. You just enter your information to see the monthly payment along with an amortization schedule. Theres no ability to load two or more sets of data on the one sheet allowing for comparisons, but it does have the flexibility to perform any type of loan amortization and payment we can think of. A second sheet on the XLS file is used for storing actual payments made, so you can see progress against the amortization schedule. We doubt most people will actually use the second sheet, once the payments are set up, but its a nice touch if you can prepay or are late paying and want to see the resulting numbers.
There are a lot of Web sites that provide similar calculators, but the ability to play "what-if" in the comfort of your own home with an Excel spreadsheet is a nice option. Loan Amortization Schedule for Excel is free and is sure to be of use for those who are crunching the numbers for loan options. Its nicely done, simple to use, and easy to understand.
The Amortization Schedule for Excel spreadsheet creates an amortization schedule or payment schedule for a fixed-rate loan, with optional extra payments. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, semi-monthly, bi-weekly, or weekly. Values are rounded to the nearest cent, or the rounding can be turned off. The last payment is adjusted to bring the balance to zero. The compound period can be set based on US or Canadian mortgages. You can select whether payments are due at the end or beginning of the payment period.
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