Easy Amortization Table With Extra Payments For Any Fixed-Term Loan

Hey guys! This video is a short tutorial on how to build an easy loan schedule, also known as an amortization table, which allows you to break down a loan by instalments and make smart decisions on how to pay debt off faster by reducing the term of the loan, the interest rate, making extra payments, or increasing the compounding by paying weekly instead of monthly. We also break down the table into principal, interest, and extra payment columns to make it easy to see what is happening at each and every loan instalment.

This table will be useful for any fixed-term loan, including student loans, auto loans, personal loans, or mortgage loans.

// USEFUL LINKS

// TIMESTAMPS
► 0:00 Intro
► 1:11 Creating the Schedule
► 7:31 Changing the Principal, Interest, and Term
► 10:40 Making Additional Payments
► 12:11 Outro

Disclaimer:
I am not a financial adviser. This video is for education and entertainment purposes only. Seek professional help before making any investment decision.

[katherinegingrich]

Yay!!! Thank you so much. Was a breeze to do with your help. 🥰

[mrpropilot]

Awesome!! Exactly what I needed to customize my table! Thank you!!

[bridgetconstant]

Thank you for making the first video I watched that didn't try to make this harder than it needs to be!!!!

[BeyondSkys]

Thank you for making this video! I didn't know I needed this until now. You've inspired me to be more smart with loan repayments than to just "set and forget" with the bank default settings, so thank you!

[emccarthy]

SOOOO helpful! this made the concept of loans/mortgages so much easier for me to understand - thank you so much for sharing!!!!

Only thing I edited was to add the "Extra Payments" column to the "Total Principal Payments" sum - hopefully that doesn't mess anything up!

[LGreg]

Thank you for breaking this down!! I was able to create a schedule for our ARM with this as a basis.

[natk]

Excellent video! I'd love it if you had a download available with all the formulas already created. I'll see how I go recreating it. 😁

[rhuwinestrella]

Thank you for this schedule Brent. Very Helpful. :)

[zoeeforder]

Thank you for creating this and I am in the middle of creating my own, but I need to add in the monthly fees that are attached to my loan (accounting keeping fees) how and where would I do this to represent accurately? Thanks

[ldyacgaming]

Thank you for this amazing video! It is of great help :D

[johnhogg]

Your a Legend very informative video keep up the good work

[LoganParis-eufb]

i'm confused. What if you make $100 payment every month and it shaves off years of the loan. How do I prevent payment from applying in the terms where I no longer have a balance. when I double clikc the bottom right it drags all the way down.

[the.true.mjdavis]

If you are doing something similar in Excel, it is almost exactly the same. You will have to input the interest rate in decimal form though. Google Sheets PMT function is happy with a whole number percent, but Excel expects the decimal form, i.e. 5% = 0.05

[FernieAriel]

If I add an extra payment, the loan balance never really reaches zero, it just goes from a positive number to a negative one eventually, how do I fix this?

[RitaBlake-idzx]

Thank you this is amazing. How would I add variable interest rate into this spreadsheet?

[yiiivou]

Hi Brent, thank you very much. I find your tutorial so easy to follow. Can you make an amortisation that shows when fixed term expires and interest rate changes? Like first year is 6% then after that fix for two years for 5% and so on...

[JamieHicks-dszd]

How would you calculate the schedule if the first payment was $99 and the remaining payments were amortized?

[redman]

Thanks for this, I was able to build it just how you showed. I have a question though. Why does the Total Priciple Payments amount drop when adding extra principle payments. Is there a way to have that remain the same, or would I want it to drop for some reason?

[simonsebit]

Very informative, thank you so much. Any chance you can share that sheet at all?

[antoinedevin]

Hi, thank you for the share. I have done what you did, but something wrong with the frequency I want to use by weekly so 52, for a result of my balance is not right anymore?
Thank you for your help