Amortization schedule is a great tool for borrowers to visualize their loan repayment process. This schedule will give him/her regular due payment, principal paid, interest paid, and remaining loan balance after each payment period. Now, if the borrower has some extra money and makes some extra payments along with regular payments, s/he will have to pay lesser interest eventually and will be able to repay the loan quicker than the initial deadline. So, now, s/he will need an amortization schedule with extra payments template to get his/her regular due payment, principal paid, interest paid, and remaining loan balance after each payment period.
Download our free amortization schedule with extra payments template to generate your own amortization schedule with regular or irregular extra payments and read the following article to learn how to use this template efficiently.
This template will be greatly helpful to homeowners, investors, business persons, students, financial planners, and all kinds of borrowers and lenders who are looking forward to taking or giving a loan.
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For: Excel 2007 or later
License: Private Use
What is an Amortization Schedule?
An amortization schedule is a schedule to visualize the loan repayment process. A borrower can visualize his due payment, principal paid, interest paid, and remaining loan balance over the loan terms after each payment period.
What are Extra Payments?
Extra payments are the payments that a borrower makes along with his regular due payments. S/he can make extra payments both regularly and irregularly. Making extra payments is a good approach to repay the loan quicker than the fixed loan terms which results in lesser interest to be paid.
Amortization Schedule with Extra Payments Excel Template
In this template, you can insert all your required inputs and choose the required dropdowns. After inserting inputs, you will get an amortization schedule along with an output summary and a summary chart to show your principal paid, interest paid, and balance trends. In the output summary, you will find all your necessary outputs along with time saved and estimated interest savings.
How to Use This Template
To use this template properly, go through the following instructions:
- Open the template and insert all the required inputs and choose all the dropdowns in the blue shaded area according to the loan parameters.
- After inserting inputs, you will get your regular payment amount based on all of your inputs. If you want to input extra irregular payments, you have to do it manually in the amortization schedule in the Extra Payments (Irregular) column.
- Based on all inputs you will find an amortization schedule for your loan and a summary chart displaying your principal paid, interest paid, and balance trends.
- You will also find an output summary reflecting all necessary outputs that you may require such as estimated interest savings, time saved, total interest to be paid, total principal to be paid, etc.
Amortization Schedule with Extra Payments Excel Template Tips
- Insert all the required inputs and choose all the required dropdowns.
- Follow the given notes in the loan parameters to understand the terms better and insert values properly.
- When choosing dropdowns, remember that you have to choose interest compounding frequency as greater than or equal to your chosen regular payment frequency.
- When choosing an extra payment frequency, choose it as a multiple of your regular payment frequency to match your payment dates properly.
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