Loan Amortization Schedule for Excel is, no surprise, an XLS file that has loan amortization formulas embedded in it. Distributed as a ZIP file with the XLS sheet and a couple of text files (release notes and license agreement), there's no installation process to follow. Just open the XLS file with Excel (or compatible program) and you're good to go.
The layout of the first sheet is simple: space at the top for loan mount, interest rate, term, and a few other details like payment frequency and compounding period. You just enter your information to see the monthly payment along with an amortization schedule. There's no ability to load two or more sets of data on the one sheet allowing for comparisons, but it does have the flexibility to perform any type of loan amortization and payment we can think of. A second sheet on the XLS file is used for storing actual payments made, so you can see progress against the amortization schedule. We doubt most people will actually use the second sheet, once the payments are set up, but it's a nice touch if you can prepay or are late paying and want to see the resulting numbers.
There are a lot of Web sites that provide similar calculators, but the ability to play "what-if" in the comfort of your own home with an Excel spreadsheet is a nice option. Loan Amortization Schedule for Excel is free and is sure to be of use for those who are crunching the numbers for loan options. It's nicely done, simple to use, and easy to understand.