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. 1. Download the amortization schedule from Microsoft. 2.Open the template in Excel. 3. Have a loan you want to pay off? Try this amortization schedule Excel template to calculate your payments and track your payoff progress. Loan Amortization Schedule outlines the interest and principal payments owed on a mortgage, including the outstanding balance.