Loan Amortization Table template
Does anyone know where I can find a good automatic loan amort table/template that just lets you input information and it creates the complete loan amort schedule for you? I need one that calculates interest only, and then interest + principal whatever years after. Thanks.
Made one up for you real quick. PM'd it to you.
Thanks! But how about one that's interest only first 2 yrs, then interest + principal after?
You cant make a simple amort table yourself?
If I do then I wouldn't be asking
We have a genius on a rampage.
Some advice for your general understanding of how the world works - when asking for something, don't be sarcastic/condescending.
Best of luck.
HA
Here's a very basic 5 year amort schedule with I/O option. Fill out loan amount, interest rate, amort, i/o period. Should be able to copy and paste into excel.
Loan Amount 100000
Interest Rate 0.05
Amortization (years) 25
I/O Period (years) 2
I/O Payment (monthly) =IF(C4>0,C2/12C1,"")
P&I Payment (monthly) =IF(ISERROR(PMT(C2/12,C312,-C1)),"",PMT(C2/12,C3*12,-C1))
Month Interest Principal Balance 1 =$C$2/12*C1 =IF(A9
curious
Don't you amortize the loan principal over 23 years after the I/O period is over, resulting in higher monthly payments as opposed to if the loan was a CPM?
If so then I would tweak the 'P&I Payment (monthly)" formula to: =IF(C4>0,(PMT(C2/12,(C3-C4)12,-C1)),PMT(C2/12,C312,-C1))
If not, disregard :D
The amortization period is usually stated as how many years of amort, starting after the I/O period. SO it'd be interest-only for 2 years, followed by a 25 year amort, not 23 years. This is how my bank always states it anyway, but maybe others do it differently?
It would be a "unique" loan that stated 25 yr amort with 2 yrs IO then proceeded to amort on a 23 yr schedule after the IO period.
Thanks for clarifying RE Dev and SHB. With the provided excel, interest is being calculated on a "30/360" basis. How would you alter the interest formula if the interest rate calculation had to be on a "actual/360" basis?
I've tried: Beginning_BalanceInterest_RateYEARFRAC(4/1/2009,5/1/2009,2) but my Ending Balance down the line doesn't tie out.
To do an exact (probably far more exact than what you need) actual/360 you would need to change the table up and have inputs for loan start date and loan end date, as you would need ot know if month 1 was a 30 or 31 day month. From there you can use the ability of excel to count days, etc, etc. I havn't done it but I'm not really inclined to as well.
What would save you a ton of time and effort is to do the following to your interest rate: Rate*(365/360), or 366 on leap years, while its not perfect it will approximate the actual interest rate.
=(D10-C10)/360$F$5E10 is the interest payment from an amort table I put together when we want actual interest. C is first day of month, D is first day of next month (I use edate), F5 is the interest rate and E is the outstanding principal. Basically you're taking the days in that month/360 * interest rate.
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