root. Spreadsheet Templates. February 23rd , 2021.
Loans are typically paid off over many years, and accrue interest during this time. The process of paying down loans in small increments over time is called “amortization.” Large loans with long payment periods (i.e. mortgages) can feel overwhelming, so it can be helpful to make a plan of payment - this is called an amortization schedule. Amortization schedules will help you stay on top of your current balances, and also enable you to look ahead to the future because you know exactly how much you will owe, and when it is due.
Before creating an amortization schedule, there are several pieces of information about your loan that you will need. These variables will enable you to calculate the necessary payments and balance(s):
Many people opt for a calculator tool to find these values, but mapping out a full schedule helps you visualize and organize your payments. You can create an amortization schedule from scratch using a basic spreadsheet or calendar, but there are several online tools with built-in amortization schedule templates to help you get started. In the next section, we’ll walk you through setting up an amortization schedule in two premiere programs, Excel and Smartsheet.
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