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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.

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

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.

Amortization Calculation You'll need to divide your annual interest rate by 12. For example, if your annual interest rate is 3%, then your monthly interest rate will be 0.0025% (0.03 annual interest rate ÷ 12 months). You'll also multiply the number of years in your loan term by 12.

Stay on top of a mortgage, home improvement, student, or other loans with this Excel amortization schedule. Use it to create an amortization schedule that calculates total interest and total payments and includes the option to add extra payments.

You can shorten or extend the loan term to accelerate or slow down amortization. When you refinance, the amortization schedule is recalculated to reflect the terms of the new loan.