When paying off a loan, the loan amortization schedule is a vital tool to follow. From this schedule, one can visualize a live comparison of his/her remaining debts along with paid principal and interest. During the pay-off, sometimes a moratorium period is given to borrowers under certain difficult circumstances. Due to this, some periods of payment are relaxed for the borrowers. But, if a grace period is also given, then the time period will increase and if no grace period is given, then EMI will change during the payoff to adjust the remaining balance.
In our free downloadable Excel template, we have given all possible cases that might occur in a loan amortization schedule with a moratorium period. Such as cases for different grace periods, no grace periods, required grace periods, random moratorium selection, and moratorium period range.
This template will be of great use to Students, Banks, Investors, Financial planners, Business owners, Analysts, and all kinds of borrowers and lenders who are looking forward to taking a loan or giving a loan.
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What Is Amortization Schedule?
The amortization schedule is mainly a loan repayment schedule showing all the values of payments, interest paid, principal paid, and remaining balance after each payment. Depending on loan amount and tenures, payment per installment is calculated, and a live comparison of principal, interest, and remaining balance is found through this schedule.
What is Moratorium Period and Grace Period?
Moratorium Period: The moratorium period is the period when the borrower is not obliged to pay regular payments. He will not be fined or charged extra for this stop of payment. However, the regular interest payables will be added to his remaining loan balance.
Grace Period: According to Investopedia, the grace period is a fixed length of time that is given to borrowers after the due date to pay off their loans without penalty. Generally, when borrowers take a loan under certain terms and conditions and with the promise of paying off the loan within a fixed deadline, sometimes problems may occur and the borrower might need more time to pay off the loan. In that case, a grace period is given to repay the loan within some extra time, but without any penalty. When that grace period is also passed, the borrower will be penalized.
Template 1: Loan Amortization Schedule with Random Moratorium Period Selection (Without Extra Time)
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In this template, you will find your revised amortization schedule where you can select your moratorium periods randomly with a Yes-No dropdown. And, in this template, you will not enjoy any grace period. So, your EMI will increase in order to complete your loan payoff within the primarily fixed time.
How to Use This Template
To use this template, go through the instructions below:
Instructions:
- Open the Excel file and go to the “Loan Amortization with Random Moratorium Periods (Without Extra Time)” template.
- you will find the input area in a blue-shaded fill.
- Here, find the parameters’ names under the Loan Details headings. Input desired values in the blue area and choose your desired options from the available drop-down lists.
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- After inserting the input values, your further calculations will be automatically done and you will get your amortization schedule. Here, you can randomly select any period of your amortization as Moratorium period or not by using the drop-down menu.
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- According to the input values and chosen moratorium periods, the EMI will always change to adjust your loan balance.
- In this case, no grace period is given. So the ending date of the loan can not change. Within the primarily fixed deadline, the loan payoff will be calculated and given to you in the amortization schedule.
- After all the input values and chosen Moratorium periods, you will get a summary of the Amortization table with and without moratorium periods. From these two, you will be able to compare the values.
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You can change any input parameter according to your case when using the template.
Read More: Loan Amortization Schedule with Variable Interest Rate in Excel
Template 2: Loan Amortization Schedule with Moratorium Period Range (Without Extra Time)
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In this free downloadable template, you will find your revised amortization table with moratorium period for selected moratorium period range. Here, you will be able to choose the moratorium range instead of random selection. And, in this template, it is assumed that no grace period is given. So, EMI will change accordingly to adjust the loan balance within the initial deadline.
How to Use This Template
To use this template, follow the instructions below.
Instructions:
- Open the Excel file and go to the “Loan Amortization with Moratorium Period Range (Without Extra Time)” template.
- Insert all your inputs in the blue shaded area under Input Values headings according to the parameters present in the Loan Details section.
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- After inserting the inputs here, you will get your revised amortization schedule and two summary tables for comparing loan amortization with moratorium and without moratorium periods.
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Template 3: Loan Amortization Schedule with Random Moratorium Period Selection (with Extra Time)
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From this template, you will get your amortization schedule when moratorium periods are taken and grace periods are also given. Here, you can select moratorium periods randomly from a Yes-No dropdown selection. The EMI will remain the same throughout the pay-off as necessary grace periods are given. However, the ending date of loan repayment will change according to the moratorium periods taken.
How to Use This Template
To use this template, follow the below instructions.
Instructions:
- Download the given free template and click on the “Loan Amortization with Random Moratorium Periods (With Extra Time)” template.
- Insert the required input values in the blue shaded area according to the loan details.
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- After inserting your input values, select desired moratorium periods as Yes or No from the Moratorium Period column of the Amortization table.
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- You will get your completed and revised amortization schedule along with two summary tables containing the necessary results for amortization with moratorium and without moratorium periods.
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Read More: Excel Monthly Amortization Schedule
Template 4: Loan Amortization Schedule with Moratorium Period Range (with Extra Time)
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In this template, you will find your revised Amortization schedule with a moratorium period range when necessary grace periods are given. You can select moratorium periods as ranges rather than selecting random periods in this template. This template is designed for allowed grace periods. So, in your output. EMI will not change over the periods, but the ending period will vary according to the moratorium periods taken.
How to Use This Template
Follow the instructions below to use this template.
Instructions:
- Open the Excel file and click on the template named “Loan Amortization with Moratorium Period Range (With Extra Time)”.
- You will find the input area under the blue shaded area. Insert all your desired inputs in this area according to the parameters given in the Loan Details column.
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- After inserting all the inputs, you will find your revised Amortization table automatically and two summary tables for comparing the amortization with the moratorium and without the moratorium.
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Template 5: Loan Amortization Schedule with Moratorium Period Range (with Different Grace Period)
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In this template, you will find your revised amortization table with the moratorium period range where the moratorium period and the grace period are different. That is, the ending date to repay the loan would change for a grace period, but at the same time, EMI may change too according to taken moratorium periods.
How to Use This Template
Use this template by following the instructions below.
Instructions:
- Open the free downloadable Excel file and click on “Loan Amortization with Moratorium Period Range (With Different Grace Period)” template.
- Insert the required inputs in the blue shaded area under the Input Values section according to the loan parameters.
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- After inserting all the required inputs, you will get your desired amortization schedule along with two summary tables to compare loan amortization with the moratorium and without the moratorium.
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Loan Amortization with Moratorium Tips
- Insert all the inputs in the proper places to work properly with the template.
- Insert the Annual Percentage Rate directly in the Input Values section. Choose the interest compounding frequency and payment frequency from the dropdown properly. The necessary interest rate will automatically be calculated and applied.
- In the random moratorium selection templates, choose yes individually if the following period is the moratorium period, otherwise, choose No individually.
- When working with moratorium period range templates, make sure you insert Moratorium Start Period and Moratorium End Period values as lesser than the total number of periods that was available initially to repay the loan.
- Choose Payment Type as Beginning of the Period if you pay your EMI at the beginning of the period, and choose End of the Period if you pay your EMI at the end of the period.
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