Google Sheets is becoming one of the best spreadsheet programs for finance management. It boasts a multitude of tools and functions to manage expenses and make the most out of your income.
Are you looking for a free Loan Amortization Calculator?
If yes, then you have come to the right place.
This is a quick guide about the Top 7 FREE Loan Amortization Schedule Google Sheets Templates. Let us discuss the best spreadsheet calculators and instructions to use them.
What is the Loan Amortization Schedule?
The bank usually asks you to pay equal monthly installments (EMI), also known as amortization for your debt.
You might be already aware that that monthly installment contributes towards two components:
- Principal
- Interest
A Loan amortization schedule calculates those monthly installments to determine how much principal and interest is paid over time.
Consider the following example,
Here, the total installment paid in the first month is $816.53. It is divided into $500 towards interest and only $316.43 towards the principal amount.
During the initial months, most of the amount from the installment goes toward your interest. Gradually, over time, the portion of installment going towards the interest component is decreased and increased towards the principal amount.
Benefits of using Loan Amortization Schedule Calculator
Apart from the installment breaks, the loan amortization schedule calculator tells you the exact amount left to be paid after the installment is paid each month.
It can be used for nearly all types of loans, including mortgages, personal, business, auto, consumer, etc.
The only thing to consider is that the loan amortization calculator works for a fixed-rate loan.
It also takes extra payments into account. For example, if you plan to pay an additional monthly amount along with the primary installment. The calculator automatically adjusts the total months required and the amount left to be paid.
Top 7 FREE Loan Amortization Schedule Google Sheets Template
There are numerous spreadsheet templates available online for calculating loan amortization. But note that not all of them accurately display the principal and interest portion of each installment throughout the loan lifecycle.
It is also not possible for you to test all the spreadsheet calculators for their accuracy.
So, we have done the heavy lifting for you. Our team has compiled a list of the best loan amortization spreadsheet calculators of 2023.
1. Loan Amortization Spreadsheet Calculator by SoftwareAccountant
Click Here To Use This Template!
The loan amortization calculator by SoftwareAccountant is our top pick because it has a professional-looking layout.
You can add debt details at the top by including the total amount, annual interest rate, terms in years, and extra optional payment amount. You can also specify payment frequency by entering the number of payments per year.
Then, the template will automatically calculate the following things in the summary section:
- Total Number of Payments
- Monthly Installment Amount
- Total Payment Over Time
- Total Amount Paid as Interest
The last table, PAYMENT SCHEDULE, gives you the breakdown of monthly installments. You will know the exact amount going towards your debt’s principal and interest component.
Note that the information from the Summary and PAYMENT SCHEDULE section is automatically calculated using formulas. You don’t need to add them manually. Please avoid editing any cells from this section; otherwise, the template won’t work as expected.
2. Amortization Calculator Template by Layer
Click Here To Use This Template!
This template by Layer comes with an intuitive summary dashboard for your debt.
The calculator is pretty straightforward. You can download it for free and customize it as per your needs.
There are two central sheets in the template:
- Assumptions & Detailed Schedule – This is the loan amortization schedule where you need to enter the debt details at the top. You can specify the total loan amount, interest rate, terms in years, and start month. The template automatically displays the amortization schedule using built-in Google Sheets functions.
- Summary – This sheet is fully automated using charts. You don’t need to edit or add anything. All the information is automatically fetched and displayed from the previous sheet. You can have a bird’s eye view of the loan details along with the payment progress over time.
The template uses formulas across both of these sheets. You should not edit any cells holding the formula; otherwise, the rest of the calculations will be affected.
It also includes an additional sheet named Info, which contains a quick guide for using the template.
3. Amortization Schedule with Extra Payments Template
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This one is almost identical to the second template discussed on this list.
It contains two different sheets for loan amortization schedules and a summary of payments done over time. However, the key difference is the capability to calculate the schedule considering the additional amount paid during the debt lifecycle.
The two sheets in the template are named as follows:
- Amortization Schedule With Extra Payments
- Balance Over Time
You need to mention debt details at the top of the first sheet. There, you will find various fields, including total loan amount, down payment, terms in years, payments per year, monthly extra payment, and much more.
The schedule template and graph from the ‘Balance Over Time’ sheet are populated automatically. Avoid editing both of these sections of the template.
Users can edit the template as per their requirements. It is totally free for personal use.
The template isn’t aesthetically pleasing but offers advanced features compared to others on this list.
4. Loan Amortization Template by Approach Financial
Click Here To Use This Template!
If you are looking for a basic loan amortization schedule calculator, this template is the perfect choice.
It includes only one sheet with minimal fields. The entire template is divided into two sections.
You can enter the debt details at the top by mentioning the loan amount, interest rate, term in years, monthly installment, and extra monthly payment.
That’s done.
The second section, including a huge table to determine the loan amortization schedule, is populated automatically based on the information provided in the first section.
The template also includes a link to a YouTube video guide by the creator. Simply put, anyone can use this template without prior Google Sheets experience.
Make sure you avoid editing any cell from the schedule table of the template, as it contains built-in formulas to get the job done.
5. Loan Amortization Schedule by Vertex42
Click Here To Use This Template!
This is another simple yet feature-rich loan amortization template on this list.
At the top of the spreadsheet, you need to start by entering the loan amount, annual interest rate, loan term in years, first payment date, etc.
The template will automatically calculate the total payment done and interest paid over time. Secondly, below the Loan Information and Summary table, you will find the Amortization Schedule table with complete information about how much interest and principal amount will be paid each month.
Obviously, this is a fully automated template with a lot of Google Sheets formulas. Please avoid editing the cells that contain formulas; otherwise, the function won’t work correctly.
Make sure to check the sheet named Help within this template whenever you are stuck. It includes all the necessary information to use the template.
The template is free to download, and anyone can use it for personal use. You can delete the example information from the spreadsheet and get started.
6. Amortization/EMI Details Template by Skipser
Click Here To Use This Template!
Are you looking for something that will quickly display an amortization schedule based on the information provided?
Check this amortization calculator by Skipser.
It includes three tables:
- Loan Information – Here, you need to put all the details about your loan, including the total amount, annual interest rate, loan period in years, monthly payment frequency, etc. You can also enter optional extra payments every month to get a complete idea of reduced installment months and interest rates over time.
- Loan Summary – It summarizes your loan over the entire period. You will know the monthly installment amount, the total payments to be made, the overall interest paid over time, etc.
- Amortization Schedule – A huge table below the above two tables automatically populates the due date for each month, opening balance, installment amount, interest and principal breakdown of the monthly payment, and finally, the closing balance.
You can download this amortization calculator for free and customize it as you prefer. You can add names, change colors, and even add logos.
7. Debt Repayment Template
Click Here To Use This Template!
This template is shared by the folks on Reddit. It is focused on helping students through a structured approach to paying their education loans.
It comes with an attractive dashboard that gives a quick overview of the total loan amount, interest rates, monthly installments, and term in years along with total interest paid over time.
Students may acquire loans for various purposes from different organizations.
So, this template uses multiple sheets to calculate each loan’s amortization schedule.
The amortization schedule sheet is divided into two sections. You need to enter the loan information at the top. Then, in the second section, the template automatically calculates monthly installments along with interest and principal breakdown over time.
The advanced functionality of the template makes it the best fit for everyone, not just the students.
Why is the Loan Amortization Schedule template created using Google Sheets a must-try?
Google Sheets is a cloud-based spreadsheet program for organizing datasets and automating everyday tasks.
The process of creating a loan amortization calculator using Google Sheets is pretty straightforward.
Here are a few of the benefits:
- Ease of Use – Anyone can use the Loan Amortization Google Sheets template. All they need to do is enter the loan information (loan amount, annual interest rate, term, etc.), and the template automatically calculates the amortization schedule using built-in formulas.
- Affordable – All of the templates discussed above are free to download. Google Sheets is a free-to-use spreadsheet program for individuals. They just need to sign up for a free Google account.
- Customization – Google Sheets offers an intuitive user interface. Changing font styles, adjusting colors, adding logos, and much more is as simple as adding a cherry on the cake.
- Collaboration – Owners can share their Google Sheets template with unlimited users, including friends and family members. All the edits made by the shared users can be seen through a built-in tool named Version History.
- Accessibility – Google Sheets is both desktop and mobile-friendly. You can access it from anywhere worldwide as long as you have an active internet connection.
Google Sheets is a versatile tool to organize and manage data. You can perform complex calculations using this spreadsheet program. It boasts 400+ built-in formulas.
Simply put, this tool is designed to help you manage finances and save money.
FAQs
Q. What is a Loan Amortization Calculator?
It helps you calculate an amortization schedule for various fixed-rate loans, including mortgages, personal, business, auto, consumer, etc.
The Loan Amortization Calculator is beneficial for both borrowers and lenders.
There are a multitude of third-party apps and websites that offer loan amortization calculators. But if you want to create your own, check out the best loan amortization Google Sheets templates discussed in this article.
Q. Does Google Sheets have a Loan Amortization Schedule template?
No. There is no built-in template in the Google Sheets library.
But you can check the following impressive Loan Amortization Schedule template by SoftwareAccountant. It is free to use and customizable as per user preference.
Conclusion
Spreadsheets are the best solution for calculating loan amortization schedules. Accurately calculating monthly installments, interest and principal amount breakdown, total duration to ultimately pay off the loan, and more are crucial.
Things get complicated when you need to include any monthly extra payment.
That’s why the Loan Amortization Schedule Google Sheets template is the right choice to ensure accuracy and avoid loss of money over time.
If you need help with the templates discussed in this article, please feel free to comment below.
Also, check our blog page for more awesome templates to manage your expenses like a pro.
