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am·or·tize | \ ˈa-mər-ˌtīz also ə-ˈmȯr- \
1 : to pay off (an obligation, such as a mortgage) gradually usually by periodic payments of principal and interest or by payments to a sinking fund amortize a loan
2 : to gradually reduce or write off the cost or value of (something, such as an asset) amortize goodwill amortize machinery
Spreadsheets are powerful tools that help you understand how a loan works. They make it easy to see important details about your loan, and the calculations are more or less automated. You can even use pre-built loan amortization templates that allow you to simply enter a few details about your loan.
Spreadsheets are available from several popular providers, and the instructions on this page will work with any of the following (among others):
If you like, you can also add additional rows (such as cumulative interest paid, for example).
Next, you’ll need a row for each payment as part of your data table. In the far left column of your spreadsheet (below your “Period” column described above), put one number on each row: The first row is “1,” then move down a row for “2,” and so on. Each row is one payment. For a 30 year loan, you’d have 360 monthly payments – for large numbers like that it’s easiest to fill in the first few periods and use Excel’s “fill handle” to fill in all of the remaining rows.
Now, have Excel fill in and calculate values for you. Remember to use the "$" when you refer to any row number in your calculations except the Period - otherwise, Excel will look in the wrong row.
- Use the PMT function to calculate your monthly payment (using information in your “input area”) - this payment generally does not change over the life of the loan.
- Use the IPMT function to show the amount of each payment that goes to interest.
- Subtract the interest amount from the total payment to calculate how much principal you paid in that month.
- Subtract the principal you paid from your loan balance to arrive at your new loan balance.
- Repeat for each period (or month).
Note that after the first row of your data table, you’ll refer to the previous row to get your loan balance.
If your loan uses monthly payments, make sure you set up each period correctly in the formulas. For example, a 30-year loan has 360 total periods (or monthly payments). Likewise, if you’re paying an annual rate of 6 percent, you should make the periodic interest rate 0.5 percent (or 6 percent divided by 12 months).
If you don't want to do all the work of working in spreadsheets, there's an easier way. Use an online Loan Amortization Calculator. It’s also helpful for double-checking your spreadsheet’s output.
Once you’ve got your loan modeled, you can learn a lot about your loan.
Amortization table: Your spreadsheet shows an amortization table, which you can use to create a variety of line charts. See how your loan gets paid off over time, or how much you’ll owe on your loan at any given date in the future.
Principal and interest: The spreadsheet also shows how each payment is broken into principal and interest. You’ll understand how much it costs to borrow, and how those costs change over time. Your payment stays the same, but you’ll pay less and less interest with each monthly payment.
Monthly payment: Your spreadsheet will perform simple calculations as well. For example, you’ll need to calculate the monthly payment. Changing the loan amount (if you consider buying something less expensive, for example) will affect your required monthly payment.
“What if” scenarios: The benefit of using spreadsheets is that you have the computing power to make as many changes to the model as you want. Check to see what would happen if you make additional payments on your loan. Then see what happens if you borrow less (or more). With a spreadsheet, you can update the inputs and get instant answers
Loan Amortization Calculator - Bret Whissel
Compute an amortization schedule for a conventional 30-year, fixed-rate mortgage with fixed monthly payments and assume a fixed rate of 12% APR and an initial loan amount of $100,000.
Rate = 0.12/12; % 12 percent APR = 1 percent per monthNumPeriods = 30*12; % 30 years = 360 monthsPresentValue = 100000; [Principal, Interest, Balance, Payment] = amortize(Rate, ...NumPeriods, PresentValue);
The output argument
Payment contains the fixed monthly payment.
Summarize the amortization schedule graphically by plotting the current outstanding loan balance, the cumulative principal, and the interest payments over the life of the mortgage. In particular, note that total interest paid over the life of the mortgage exceeds $270,000, far in excess of the original loan amount.
plot(Balance,'b'), hold('on')plot(cumsum(Principal),'--k')plot(cumsum(Interest),':r') xlabel('Payment Month')ylabel('Dollars')grid('on')title('Outstanding Balance, Cumulative Principal Interest')legend('Outstanding Balance', 'Cumulative Principal', ... 'Cumulative Interest')
The solid blue line represents the declining principal over the 30-year period. The dotted red line indicates the increasing cumulative interest payments. Finally, the dashed black line represents the cumulative principal payments, reaching $100,000 after 30 years
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Amortization Schedule Calculator
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