The Loan Amortization Wizard

The Loan Amortization Wizard generates a worksheet that contains an amortization schedule for a fixed-rate loan. An amortization schedule projects month-by-month details for a loan. The details include the monthly payment amount, the amount of the payment that goes toward interest, the amount that goes toward reducing the principal, and the new loan balance.

An alternative, of course, is to create a template file (*.XLT). As you'll see, this wizard approach offers several advantages.

Figure 25-1 shows an amortization schedule generated by the Loan Amortization Wizard.

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Amortization Schedule

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Prepared by Tina Blackwell

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Generated Tuei

3day, September 02, 2003

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Purchase Price

$425,000.00

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¡Down Pmt Pet:

20.0G%

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Down Pmt:

$85,000.00

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Loan Amount:

$340,000.00

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Term (Months):

360

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¡Interest Rate:

7.10%

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First Payment:

1/1/2004

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r

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Pmt No. Year

Month

Payment

Interest

Principal

Balance

14

1

2004

1

$2,284.91

$2,011.67

$273.24

$339,726.76

l5~

2

2004

2

$2,284.91

$2,010.05

$274.86

J339.451.90

16

3

2004

3

$2,284.91

$2,008.42

$276.48

Ï339,175.41

17

4

2004

$2,284.91

$2,006.79

$278.12

$338,897.29

18

5

2004

5

$2.284.91

162,005.14

$279.77

5338.617.53

19

6

2004

6

$2,284.91

$2,003.49

$281.42

$338,336.11

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7]

2004

7

$2,284.91

$2,001.82

$283.09

J338,053.02

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81 2004 8

$2,284.91

$2,000.15

$284.76

Ï337,768.26

22

9

2004

9

$2,284.91

$1,998.46

$286.45

J337.481.81

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10

2004

10

$2,284.91

$1,996.77

$288.14

Ï337,193.67

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1ÏF 2004 11

$2,284.91

$1,995.06

$289.85

J336,903.82

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12f

2004

12

$2.284.91

Ï1,993.35

$291.56

5336,612.26

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2004 Total

S27.41S.00

$24.031.17

$3,387.74

$336,672.26

Il r ■

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13

2005

$2,284.91

$1,991.62

$293.29

J336.318.98

II-

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14

2005

2

$2.284.91

_$1,989.89

$295.02

$336,023.95

J

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* ►

H|\sheet2 / Sheet 1 /

in

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Figure 25-1: This amortization schedule shows details for a 30-year mortgage loan.

Figure 25-1: This amortization schedule shows details for a 30-year mortgage loan.

The Loan Amortization Wizard is available on the CD-ROM that accompanies this book. It's an unprotected add-in.

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