Amortization Schedule Convert For Free

A = Total loan amount. D = {(1 + r)n - 1} / r(1 + r)n Periodic Interest Rate (r) = Annual rate (converted to decimal figure) divided by number of payment periods. Number of Periodic Payments (n) = Payments per year multiplied by number of years.

Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).

Each time you renew and/or renegotiate your mortgage, you have the chance to change it. So if you were on a fixed income or had childcare costs when you first got your mortgage but at the end of your term have much more flexibility in your budget, you can shorten the length of your amortization period at that time.

You can build your own amortization schedule and include an extra payment each year to see how much that will affect the amount of time it takes to pay off the loan and lower the interest charges.

Starting in month one, take the total amount of the loan and multiply it by the interest rate on the loan. Then for a loan with monthly repayments, divide the result by 12 to get your monthly interest. Subtract the interest from the total monthly payment, and the remaining amount is what goes toward principal.

1. Open Excel and select Loan Amortization Schedule from the template gallery.On the left-hand side, there are fields for Loan amount, Annual interest rate, Loan period in years, Number of payments per year, and Start date of loan.

It's relatively easy to produce a loan amortization schedule if you know what the monthly payment on the loan is. Starting in month one, take the total amount of the loan and multiply it by the interest rate on the loan. Then for a loan with monthly repayments, divide the result by 12 to get your monthly interest.