Free template with formulas. 1. Open a new spreadsheet in Microsoft Excel. 2.Create labels in column A. Download a Loan Amortization Table spreadsheet for Excel to create your own amortization schedule, table, or calculator. Free amortization spreadsheet. This Microsoft Excel template illustrates how to create a loan amortization schedule, as well as dealing with additional payments and variable interest rates. Construct a loan amortization schedule given the principal loan amount, periodic interest rate, and term (no. Of periodic payments) in Excel.