number_of_periods is the number of payment installments.rate is the rate of interest for the payment period.The syntax for the PMT function is as follows: PMT( rate, number_of_periods, present_value, ) The PMT function calculates the periodic payment for an annuity investment, where the amount and interest rate are constant for each periodic payment. To calculate the monthly payment we can use Google Sheets’ PMT function. Next we need to calculate the monthly payment for each row. This will return a date exactly one month after the date in cell B7. In the second row, enter the formula: =DATE(YEAR(B7),MONTH(B7)+1,Day(B7)) So in the first row of this column, enter the formula: =E2 After this, each date will be one month apart (since you are paying off each installment on a monthly basis). In the first row, the date is the same date as the starting date (of cell E2). The Date column consists of dates when each payment is due. So for the first installment, the period will be 1, for the second installment it will be 2, etc.Įnter 0 in the first row of this column and 1 in the second row. The Period column will consist of the serial number of the payment period. Here are the columns you will need to fill: Period Now it is time to fill in the main part of the worksheet. Once this is done, you can start filling in the lower part of the worksheet. So let us fill these values in the table: Let us assume we have a home loan of $100,000 to be repaid in 10 years, with an interest rate of 5%, starting from. The starting date from when the loan repayment schedule begins.The term (in years) or the time period within which the loan is to be repaid. The interest rate that is to be applied on the loan. The Principal amount for the loan, or the total loan amount that needs to be paid off.The top part of the worksheet (rows 1 and 2) consists of all the values that are going to remain constant throughout the loan period: Simply click File -> Make a Copy, so that you can edit and save your own document. Let us start with the main spreadsheet outline.Ĭlick here to view our Loan Amortization Schedule Spreadsheet template that we have created for you. Creating the Basic Outline of the Google Sheets Mortgage Amortization Schedule Spreadsheet The last row should display an amount of 0.0 in the loan balance column. In the end, all we need to do is simply drag down the formulas to fill in the rest of the schedule. We will first start by creating a basic skeleton of the sheet, in which we will enter the basic timeline, the starting date, the interest rate of the loan and the total amount to be paid off.Īfter this, we will create the table and fill in the first two rows with the appropriate formulas. So now that we know the basics, let’s get down to actually building the spreadsheet. How to Create a Loan Amortization Schedule in Google Sheets The last line of the table shows the borrower’s total interest and principal payments for the entire term. This, in turn, makes the repayment process comfortable for the borrower and reduces the overall cost of the loan. However, during the start of the process, most of the amount pays off the interest, while towards the end, most of the amount covers the principal amount. The repayment process consists of paying the same amount in each periodic payment. The schedule shows the principal amount and amount of interest for each payment from the start till the loan is paid off at the end of the term. What Does a Loan Amortization Schedule Google Sheets Spreadsheet Consist Of?Ī loan amortization spreadsheet consists of a schedule of periodic loan payments. The process consists of first paying off the relevant interest for the period so that the rest of the payment can be put towards reducing the principal amount. The payments are applied to both the loan’s principal amount as well as the interest. What is a Google Sheets Loan Amortization Schedule?Īn amortized loan is a type of loan that involves periodic payments scheduled over a given period of time.
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