Dynamic Loan Amortization Schedule - Additional Payments (Editable)

Description
Simplify your loan tracking with our easy-to-use Amortization Table Template. Whether you’re managing a mortgage, car loan, or personal loan, this template makes it straightforward to see how your loan payments are applied over time.


How It Works:

• Enter Annual Interest Rate: Input the yearly interest rate for your loan.
• Select Period: Choose the payment frequency (monthly, quarterly, etc.).
• Interest Rate per Period: Automatically calculated based on your annual rate and selected period.
• Enter Loan Term (Years): Specify how long you will take to repay the loan.
• Number of Periods: The total number of payment periods is automatically calculated based on the loan term and the selected period.
• Enter Principal Amount: The original amount of the loan.
• Payment: The fixed payment amount for each period (also known as an annuity).
• Additional Payment: Add any extra payments to pay off your loan faster.

Amortization Table Includes:

• Period: Each payment number.
• Beginning Balance: Loan balance at the start of the period.
• Payment: Total payment made each period.
• Interest Paid: Portion of the payment that goes towards interest.
• Principal Paid: Portion of the payment that reduces the loan balance.
• Additional Payment: Any extra money paid towards the principal.
• Ending Balance: Remaining loan balance after the payment.

Additional Features:

• Total Interest Paid: Sum of all interest over the loan term.
• Future Value: Projected loan balance in the future.
• Total Additional Payments: Total extra money paid to reduce the loan faster. 
• Maximum period is 40 years.