In this article, we will introduce you to five Excel functions that make it easy to create an amortization schedule to track our monthly payment. 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 Microsoft Excel template illustrates how to create a loan amortization schedule, as well as dealing with additional payments and variable interest rates. 1. Download the amortization schedule from Microsoft. 2. Open the template in Excel. 3. Enter your desired payment and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment. We can figure out the monthly payment to finance a car using the PMT function in Excel.