Mortgage Payment Schedule and how to make it easy to understand
Mortgage payment schedule is one of the impressive idea for you who want to show the interest applied to a fixed interest loan and how the principal to reduce the payment. In other words, this one will show the detailed schedule all of the payment. Therefore, it will show how much is being paid toward interest charges.
This one is also a table that will list the periodic payment on a loan or mortgage over the time, breaks down each payment into the principal and interest. Therefore, it will show the remaining balance after each payment. If you never to make this schedule, you can follow some tips below to make it interesting.
How to write mortgage payment schedule in Microsoft Excel
If you want to make the schedule interesting, you can follow some tips to build a loan or mortgage amortization schedule in Excel. In the mortgage payment schedule template, you can use PTM function to calculate the total amount of a periodic payment. With this idea, you will know entire duration of the loan.
Furthermore, you also can set up the amortization table. In this idea, you can make annual interest rate, loan term in years, number of payments per year, and also loan amount. Moreover, you also can create an amortization table with the labels including period, payment, interest, principle and also balance.
How to make mortgage payment schedule interesting to read
To make it interesting, you also can calculate the total payment amount or PMT formula. The payment amount is usually calculated with PMT function. To handle it, it will have different payment frequencies correctly including weekly, monthly, quarterly, and so forth. You also can be consistent with the values supplied for the rate.
Moreover, you also can include the information pertaining to your loan in the cells B1 down through B3. After that, you can enter your loan interest rate as a percentage. The last, you can calculate your payment in cell B4 by typing into the formula bar without the quotation marks and pressing the enter key.
Do not forget to find principle for your mortgage payment schedule
The best mortgage payment schedule form should find the principal with PPMT Formula. To calculate the principle, you can use part of each periodic payment by using PPMT formula. The syntax and arguments are exactly the same as in the IPMT formula discussed before. You can correct and add up the number in the principal and interest.
In addition, you can get remaining balance in order to calculate the remaining balance for each period. You can use two different formulas in order to make it easy to understand. To get the balance, you also can get the balance after the first payment and add up the loan amount and the principal of the first period.
With those ideas, your mortgage payment schedule will be impressive because you have done an interesting mortgage payment. Moreover, you also will be easy to pay the loan. With this template, you will get satisfaction for your schedule in paying mortgage.
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