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.

Excel can be a great bookkeeping tool for small business owners. Using accounting templates, you can keep track of your small business expenses, net income, invoices, transactions, and other data. You can choose to create your own templates or download them from the internet.

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.