Open an Excel spreadsheet to help with your calculations. Create a table like the one below.In this tutorial, we'll create a fully dynamic amortization schedule based on the number of months entered. This example teaches you how to create a loan amortization schedule in Excel. 1. We use the PMT function to calculate the monthly payment on a loan. This article will show you how to make a loan amortization schedule in Excel, providing a clear view of your loan repayment process. For the basic amortization schedule, we'll need to write a formula to populate each of our desired columns:. What is an Amortization Schedule? PMT (Payment Function): It calculates the fixed monthly payment for a loan based on the interest rate, loan term, and loan amount. This is the first of a two-part tutorial on amortization schedules.