Reviewed by: ifr staff on May 08, 2009
Choosing your major financial purchase can be dreamy (stucco or stone? sun roof or tinted windows?) but the dream can quickly morph into a nightmare when trying to determine just how much money your loan will actually cost over time. The Amortization Schedule for Excel gives you the basic information you need so you can see just how much your dream will actually cost over time.
This freeware tool is very easy to use. Just plug in your numbers (loan amount, loan term, and interest rate) and voila, an amortization schedule quickly appears. You can easily change the variables, too. Just enter information into any box and the schedule will automatically reset to your new terms. This flexibility is especially useful if you choose to apply extra payments toward your principal at any point during your loan. (And, yes, this also works if you neglect to make that payment.) Check the rounding box and the schedule will round to the nearest cent, which lets you compare your results with many other amortization schedule programs.
The Amortization Schedule for Excel is very matter-of-fact, which is probably what you want in such a sobering enterprise as the spending of your hard-earned money. This schedule is for fixed rate loans only, and accommodates up to 780 payments, generous enough for most loans, weekly and otherwise. This is truly an amortization schedule; look elsewhere if you want a calculator that includes other expenses such as anticipated taxes and insurance.
No need to install the Amortization Schedule for Excel as it is already accessible after extraction. And what it lacks in pizzazz, this simple utility makes up for with solid data and ease of use.
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