Monthly Amortization Schedule Template
Calculating Your Loan’s Monthly Amortization Schedule
A monthly amortization schedule is an accounting method to calculate the process of debt reduction from the first time you get the loan until you repay it. It generally involves the list of installments that you have to pay throughout your loan’s lifespan. Banks and lenders use amortization to calculate the amount of installment that debtors must pay every period. If you want to apply for a loan and wish to calculate the amortization schedule of your loan, you can use the calculation procedure below.
Gather Your Data
You need to specify first how much money that you need to borrow from a bank or a loaner. Afterward, you also need to determine how many years you want the loan term to be. The last information that you need to get is the interest rate. You can get all of this data by consulting a bank. Therefore, after the consultation, be sure to take some time to calculate the loan’s monthly amortization schedule and don’t directly submit your application.
Sample of Monthly Amortization Schedule :
Use Online Calculator
There is a special formula to calculate the monthly amortization schedule; however, if you want to skip the hassle, use an online amortization calculator. By putting all the data that you have gathered in the calculator, you can find out how much payment that you should pay every month, the sum of the principal paid by the end of the term, and the sum of the interest.
Monthly Amortization Schedule Template | excel – download