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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.
Publisher's Description
From Vertex42:
The Amortization Schedule for Excel spreadsheet creates an amortization schedule or payment schedule for a fixed-rate loan, with optional extra payments. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, semi-monthly, bi-weekly, or weekly. Values are rounded to the nearest cent, or the rounding can be turned off. The last payment is adjusted to bring the balance to zero. The compound period can be set based on US or Canadian mortgages. You can select whether payments are due at the end or beginning of the payment period.
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All versions:
4.0 starsout of 24 votes
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Current version:
3.3 starsout of 3 votes
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My rating:
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Results 1-3 of 3
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"Just what I was looking for!"
Version: Amortization Schedule for Excel 1.6.3
Pros
Easy to use.
Cons
None so far.
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"Nothing special about this"
Version: Amortization Schedule for Excel 1.6.3
Pros
Basic program that I suppose could be of value to some people.
Cons
All of these free excel programs in my opinion are over rated as is this one. What especially didn't like is when you download this they cleverly have a default that you will also be adding a tool bar to your computer. Easy to miss it until it is too late. Then the developer gets paid every time someone inadvertently downloads this program. Deceptive marketing to say the least.
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"Nice little program"
Version: Amortization Schedule for Excel 1.6.3
Pros
Provides loan information with a minimum of input. Simple to use; I don't see a 'learning curve' issue. You can be inputting data in minutes.
Cons
For what it's designed to do -- none.
Summary
While the functionality of the program is good, it does have limitations. It saves the user the trouble of creating a spreadsheet to accomplish the same task. However, if one has experience in creating spreadsheets, they can easily create one that will give the same results with a great deal more flexibility. I'd class this program as great for someone that doesn't understand spreadsheets, doesn't know algebra (for formulas) or simply has a limited use for loan details/data.
Results 1-3 of 3
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