Fill in the column titled "Period" with your payment dates. Input the month and year for the first payment loan within cell A8.Make math easier with these free calculator templates. 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. Step 1: Set up your amortization table. Open a new Excel sheet and create input cells for the known components of your loan. This Microsoft Excel template illustrates how to create a loan amortization schedule, as well as dealing with additional payments and variable interest rates. An amortization schedule Excel sheet can be a gamechanger for loan payments. Believe it or not, a loan amortization spreadsheet was the very first Excel template I downloaded from the internet.