A loan amortization schedule is a list of the loan payments together with the allocation to principal and interest of each payment. Advanced financial functions are required by calculating an amortization schedule. You can certainly do it using an internet amortization calculator (see link below Resources) or using a spreadsheet template which provides the required functions to an Excel or OpenOffice Calc spreadsheet.
Locate a loan amortization template for use with spreadsheet program. A template will establish a spreadsheet with the right purpose, input and output cells for amortization calculation. Links to 2 amortization templates are given in the Resources section.
Download the spreadsheet template that is pick. If you are using OpenOffice Calc as your spreadsheet software you must pick the .ots file from the Vertex42 download webpage. A spreadsheet containing the amortization calculator will start after the template downloads.
Type your loan data to the appropriate boxes of the calculator. You’ll need to deliver the first loan principal amount, date of the initial payment, rate of interest and term of their loan. As you input the data, the loan amortization schedule will be automatically calculated and updated.
Save the spreadsheet once you have the loan data entered. You’ll have a spreadsheet file of the amortization schedule.