Do you want to calculate loan amortization schedule in Excel? We can use PMT & SEQUENCE functions to quickly and efficiently generate the full loan amortization table for any number of years.
Set up input section for loan amortization table
First, you need to set up the parameters for calculating loan schedule. We need below information.
- Interest Rate (annualized)
- Loan duration (in years)
- Payments per year (for ex: 12 for monthly, 52 for weekly and 26 for fortnightly)
- Loan amount
For the sake of the example on this page, I am using 5.35% annual interest rate (cell D3), 30 years loan duration (cell D4), 12 payments per year (cell D5) and $100,000 loan amount (cell D6).
Write formulas to calculate the amortization schedule
Then, we need to calculate the amortization schedule or table. For this we can use the PMT, IPMT, PPMT functions along with SEQUENCE dynamic array function.
Setting up the amortization schedule in Excel Grid
First create a range of cells like below to do all the calculations.
Formula for generating all payment periods
To generate all payment periods, we can use the SEQUENCE function below.
For example, if you have 12 payments per year for 30 years, then the sequence function below generates numbers 1 thru 360.
=SEQUENCE(D5*D4)
Calculating the equal payments for each period
We can use PMT function to calculate the equated payment or installment amounts.
The syntax for PMT function is
=PMT(rate_of_interest,number_of_payments,
amount_borrowed)In our case, as we have 12 payments per year, we need to divide the interest rate by 12 and multiply the number of years with 12. Finally, we want the same amount for all the periods. So our PMT formula will be:
=IF(C10#>0,
PMT($D$3/D5,D4*D5,D6))
Calculating the Principal portion
of each payment in the amortization schedule
We can use PPMT function to calculate the principal paid at each point of time. The syntax for this is…
=PPMT(
rate_of_interest,
payment_number
total_number_of_payments,
amount_borrowed)As we need to calculate this value for all the periods, we can use the SPILL RANGE in C10# as the payment_number.
Our PPMT formula looks like this:
=PPMT(D3/D5,C10#,D4*D5,D6)
Formula for Interest portion for each payment in amortization schedule
We can use IPMT function to calculate the interest portion in our schedule. The syntax and logic are same as PPMT.
Here is the IPMT formula to use:
=IPMT(D3/D5,C10#,D4*D5,D6)
Formula for Balance at the end of each period
The final formula in our amortization schedule is balance. For this, we can use a variety of Excel formulas. I particularly like using SCAN function for this as this is simple and automatically scales up or down depending on how many payments we make.
SCAN is a new Excel 365 function that scans a list or array and runs a calculations on it. Then it returns the results the values for each step of the calculation.
Example of SCAN:
=SCAN(0, A1:A10, SUM)
Result:
Returns the running total of the values in A1:A10
Explanation:
- SCAN starts the calculation with 0.
- Then it reads the values of A1:A10, one at a time.
- It then adds the values to 0 (because the third argument is SUM) and returns the intermediate results.
- So, the results will become:
- First value: 0+A1
- Second value: first value + A2
- Third value: second value + A3…
Learn more about SCAN function here.
We can use below SCAN function to get the balance at the end of each payment in our amortization table.
=SCAN(D6,E10#,SUM)
This function will start the calculations with D6 (amount borrowed) and scans thru the principal paid column (E10#) and calculates the running total of balance by using the SUM function.
Calculating SUMMARY of Amortization Table
Often, you may want to calculate the summary from an amortization table like below:
We can use simple arithmetic formulas like SUM or division (/) to calculate such values.
As you can see, with a 30 year payment of $100,000 loan at 5.35% interest rate, more than half of the payments (50.26%) go towards interest.
Limitations of Amortization Schedules
While amortization schedules are great to understand and model cashflows (or plan for future payments), they are quite rigid and do not reflect real-world scenarios. Here are a few limitations of this approach.
- Amortization tables assume interest rates stay same for the entire duration.
- They do not cater for excess payment. If you want to prepare an amortization or loan schedule with excess payments, use this template.
- The calculation does not consider any fixed or recurring fees or charges (such as loan administration charge once a year).
Download Loan Amortization Schedule Excel Template
Please download my loan amortization schedule template and use it to see the schedule for your data.
If you have an older version of Excel (other than 365), use the “non-365” worksheet to run the calculations.
Other Loan Calculators & Schedules
- If you want to test impact of excess payments on the amortization, try my loan schedule with excess payments calculator.
- Not sure how much you can borrow? See my Interactive Mortgage Calculator with Excel form-controls.
Have a question about Amortization Schedule Template?
Leave a comment with your question so I can help you.
40 Responses to “Looking up when the data won’t co-operate (case study)”
Nice Trick.. Clever use of cell references
Here is a formula I tried to create:
=SUMPRODUCT(((NOT(ISERROR(SEARCH(L5,B4:H14))))*1),(B5:H15))
It takes care of Caveat #1 (can handle text), but Caveat #2 remains.
In situations like this, I will often use VBA to restructure the data (2 columns: dates and values) on to a new worksheet. I can then use this 'clean' source for data analysis (formula or pivot table).
=SUMPRODUCT(((NOT(ISERROR(SEARCH(L5,B4:H14))))*1),(B5:H15)) and complex formulae in general are all very well but when you come back to them in a few weeks / months time, it is not at all easy to see what they do and what the limitations are.
Hi Chandoo,
I had used this type of cell ref. various times while calculating average.
But for the situation here try below formula . Note this is an array formula and must be confirmed with Ctrl+Shift+Enter.
=SMALL(IF(MMULT((L5=B4:H14)*IF(ISNUMBER(B5:H15),B5:H15),{1;1;1;1;1;1;1}),MMULT((L5=B4:H14)*IF(ISNUMBER(B5:H15),B5:H15),{1;1;1;1;1;1;1})),1)
Regards,
Hi, I think Using SEARCH in here will create a problem say there is a text like SUN and another text SUNLIGHT both result will be added by SUMPRODUCT.
Regards,
Array option.
=SUM(IF(MOD(ROW(B4:B14),2)=MOD(ROW(B4),2),IF(B4:H14=L5,B5:H15)))
Regards
@Elias,
Nice approach.
Although not requested - the formula I suggested closes all possibilities.
Criteria: _____ Value to retrieve:
Date__________ Numeric
Date__________Textual
Textual________Numeric
Textual________Textual
While your formula copes with only the 3 first combinations.
Michael (Micky) Avidan
“Microsoft® Answer” – Wiki author & Forums Moderator
“Microsoft®” MVP – Excel (2009-2015)
ISRAEL
@Michael,
Sorry but I don’t understand your point. I believe the challenge was to return the summary of a given date. What is your really volatile formula doing that mine is not?
Regards
@Elias,
I didn't say that the challenge differs from what you just mentioned/aimed to nor that your formula doesn't provide the requested result.
Please read my previous comment again and focus on the last combination (TEXT / TEXT).
I, myself, always try to provide a global Formula that is capable to handle all sorts of data.
Michael (Micky) Avidan
“Microsoft® Answer” – Wiki author & Forums Moderator
“Microsoft®” MVP – Excel (2009-2015)
ISRAEL
@Michael,
I see your point, but you are missing the below points if you are trying to cover all sorts of data.
What happened if the lookup value does not exist?
Do you want the first, second, summary, concatenation of the values if the look value is repeated?
See they are too many possibilities to be cover with just one formula.
Regards
1) The range: B4:H15 was named: RNG.
2) The following Array Formula was "retrieved from my sleeve" and I hope it can be shorten.
3) The formula seems to take care of BOTH(!) caveats.
-------------------------------------------------------------------------------
=OFFSET(INDIRECT(ADDRESS(SMALL(IF(RNG=L5,ROW(RNG),""),1),MOD(SMALL(IF(RNG=L5,(ROW(RNG))+COLUMN(RNG)/10),1),1)*10)),1,)
-------------------------------------------------------------------------------
Michael (Micky) Avidan
“Microsoft® Answer” – Wiki author & Forums Moderator
“Microsoft®” MVP – Excel (2009-2015)
ISRAEL
@Michael,
Check what happened with your result if you type 41927 in D5.
Regards
Correct. Didn't predict that.
Will find time to work something out.
Michael (Micky) Avidan
“Microsoft® Answer” – Wiki author & Forums Moderator
“Microsoft®” MVP – Excel (2009-2015)
ISRAEL
@Elias,
Let's hope the following Array Formula "closes all open doors".
Again - it has nothing to do with your formula which works fine as long as the 3 first mentioned combinations are concerned.
-------------------------------------------------------------------------------
=INDEX(RNG,LARGE(IF(RNG=L5,MOD(ROW(RNG)-1,2)*(ROW(RNG)),""),1)-2,(MOD(SMALL(IF(RNG=L5,(ROW(RNG))+COLUMN(RNG)/10),1),1)*10)-1)
-------------------------------------------------------------------------------
Michael (Micky) Avidan
“Microsoft® Answer” – Wiki author & Forums Moderator
“Microsoft®” MVP – Excel (2009-2015)
ISRAEL
Ok, if you insist. The following will cover all the scenarios you listed. However, I’ll never recommend/use such of formula.
Defined names:
rDat = $B$4:$H$15
rRow =ROW(rDat)-MIN(ROW(rDat))+1
rCol =COLUMN(rDat)-MIN(COLUMN(rDat))+1
rInc =MOD(rRow,2)=MOD(MIN(rRow),2)
L6=INDEX(rDat,MAX(IF(rInc,IF(rDat=L5,rRow)))+1,MAX(IF(rInc,IF(rDat=L5,rCol))))
Array Enter
Regards
@Michael,
unfortunately, your array formula still seems to return wrong results (eg 3-Nov).
If data are organized like in the example, ie. looks like a calendar, the INDEX formula seems quite simple:
=INDEX($B$4:$H$15,ROUNDDOWN((L5-B4)/7,0)*2+2,MOD((L5-B4),7)+1)
Yours is effectively the same as what I just came up with, and I believe this is the optimal answer to this particular problem.
My solution, before I saw yours:
=OFFSET(B5,QUOTIENT(L5-B4,7)*2,MOD(L5-B4,7))
OFFSET will work for an arbitrary list size, but INDEX might be easier to read.
QUOTIENT does the round and division in a single step.
If there's an improvement over Elias's solution then I for one can't see it.
Perhaps a non-CSE version which would also mean that only two references (B4:H14 and B5:H15), as opposed to three (B4, B4:B14 and and B5:H15), would require manually amending should the data range change, i.e.:
=SUMPRODUCT((ISEVEN(ROW(B4:H14)-MIN(ROW(B4:H14)))*(B4:H14=L5)*B5:H15))
I suppose we could make it a single, uniform range reference:
=SUMPRODUCT((ISEVEN(ROW(B4:H14)-MIN(ROW(B4:H14)))*(B4:H14=L5)*OFFSET(B4:H14,1,,,)))
which might be more appropriate should we e.g. wish to use a Defined Name for our range, i.e.:
=SUMPRODUCT((ISEVEN(ROW(Rng)-MIN(ROW(Rng)))*(Rng=L5)*OFFSET(Rng,1,,,)))
though whether that compensates for the extra, volatile function call is something to be debated.
Regards
I have tried something and then my Excel workbooks got shut down. Maybe that was too much?
Anyway here is what I've tried:
=SUMPRODUCT(INDEX(B5:H15;IF(ISEVEN(ROW(B5:H15));ROW(B5:B15)-ROW(B5)+1);{1\2\3\4\5\6\7}))
Guess that was wrong? Would this approach work anyway?
Looking forward to learn something from you Excel Experts.
Sorry, I haven't took notice of XOR LX's answer. I guess that's kind of what I was looking for.
@Michael Avidan
As it stands that is not a very rigorous construction.
You say "I, myself, always try to provide a global Formula that is capable to handle all sorts of data", which is a wonderful philosophy, but isn't it at least as important that we ensure that our formulas are independent of the row and column references of the data range in question, so that, should that range change, we do not have to re-work our solution?
What happens with your formula, for example, if RNG is instead re-located one row down, from B4:H15 to B5:H16?
When a formula is reliant upon the addition/subtraction of certain constants within the formula, which themselves are necessarily dependent upon the specific rows/columns in which the data lies at any given time (e.g. the -1 in MOD(ROW(RNG)-1,2)), then that formula is not a very flexible one.
Hence the reason for my choice of a slightly longer construction:
ROW(B4:H14)-MIN(ROW(B4:H14))
which ensures that this part of the calculation is not dependent upon the precise location of the data range within the worksheet, and so will give correct answers even if that range is re-located.
Regards
{=OFFSET(B4,MAX((B4:H15=L5)*ISODD(ROW(1:12))*ROW(1:12)),MAX((B4:H15=L5)*ISODD(ROW(1:12))*COLUMN(A:G))-1)}
Non-array formula:
=INDEX(B4:H15,SUMPRODUCT((B4:H15=L5)*(ROW(B4:H15)-ROW(B4)+1)*ISODD(ROW(B4:H15)-ROW(B4)+1))+1,SUMPRODUCT((B4:H15=L5)*(COLUMN(B4:H15)-COLUMN(B4)+1)*ISODD(ROW(B4:H15)-ROW(B4)+1)))
Using one range (B4:H15), one reference (B4), one lookup value (L5) and no INDIRECT or OFFSET.
My trial with defined names:
DateRange
=$B$4:$H$4,$B$6:$H$6,$B$8:$H$8,$B$10:$H$10,$B$12:$H$12,$B$14:$H$14
Position
=RANK('lookup problem'!$L$5,DateRange,1)
L6
=OFFSET(B4,ROUNDUP(Position/7,0)*2- 1,IF(MOD(Position,7)=0,6,MOD(Position,7)-1))
I'd probably just run with something like:
=SUMPRODUCT((B4:H14=L5)*(MOD(ROW(B4:H14),2)=MOD(ROW(B4),2))*B5:H15)
...which is basically the same as Elias' but without the IFs
The opposite of elegant but it works...
=INDEX(B4:H15,IFERROR(MATCH(L5,B4:B14,0),0)+IFERROR(MATCH(L5,C4:C14,0),0)+IFERROR(MATCH(L5,D4:D14,0),0)+IFERROR(MATCH(L5,E4:E14,0),0)+IFERROR(MATCH(L5,F4:F14,0),0)+IFERROR(MATCH(L5,G4:G14,0),0)+IFERROR(MATCH(L5,H4:H14,0),0)+1,IFERROR(MATCH(L5,B4:H4,0),0)+IFERROR(MATCH(L5,B6:H6,0),0)+IFERROR(MATCH(L5,B8:H8,0),0)+IFERROR(MATCH(L5,B10:H10,0),0)+IFERROR(MATCH(L5,B12:H12,0),0)+IFERROR(MATCH(L5,B14:H14,0),0))
=INDEX(B4:H15,
IFERROR(MATCH(L5,B4:B14,0),0)+
IFERROR(MATCH(L5,C4:C14,0),0)+
IFERROR(MATCH(L5,D4:D14,0),0)+
IFERROR(MATCH(L5,E4:E14,0),0)+
IFERROR(MATCH(L5,F4:F14,0),0)+
IFERROR(MATCH(L5,G4:G14,0),0)+
IFERROR(MATCH(L5,H4:H14,0),0)+1,
IFERROR(MATCH(L5,B4:H4,0),0)+
IFERROR(MATCH(L5,B6:H6,0),0)+
IFERROR(MATCH(L5,B8:H8,0),0)+
IFERROR(MATCH(L5,B10:H10,0),0)+
IFERROR(MATCH(L5,B12:H12,0),0)+
IFERROR(MATCH(L5,B14:H14,0),0))
Named Range
rownum = SUMPRODUCT(('lookup problem'!$B$4:$H$14='lookup problem'!$L$5)*ROW('lookup problem'!$B$4:$H$14)*ISEVEN(ROW('lookup problem'!$B$4:$H$14)))
Formula
=OFFSET($A$1,rownum,MATCH(L5,INDIRECT("$B"&rownum&":$H"&rownum),0))
How about SUM(IF(B4:H14=L5,B5:H15)) with array..it should work
Sorry, Chandoo, you can't find stuff this way in every possible scenario.
What if 2014-10-01 sales would equal 41.927 ? Which is serial number for 2014-10-15 ? SUMIF would fail to retrive correct answer. And your example data suggest that such number is possible in your table.
It's better not to search through dates and numbers at the same time.
If I'd solve a problem like this, it'd reformat table first so I get one column with dates and the other with numbers.
In this case, formula to form date column would be:
=INDIRECT(ADDRESS((INT((ROW()-4)/COUNT($B$4:$H$4))+1)*2+2;MOD(ROW()-4;COUNT($B$4:$H$4))+2;4;1))
and numbers would be the same formula with sight adjustment (+3 instead of +2 at the end of first argument):
=INDIRECT(ADDRESS((INT((ROW()-4)/COUNT($B$4:$H$4))+1)*2+3;MOD(ROW()-4;COUNT($B$4:$H$4))+2;4;1))
And now you got two columns that you can safely use for searching!
Oops, sorry, you actually mentioned that it doesn't work if number=date! I missed that part 🙁
={OFFSET(A1,SUM((B4:H14=L5)*ROW((B4:H14))),SUM((B4:H14=L5)*COLUMN((B4:H14)))-1)}
Works for all data... the solution I got for indirect looks little lengthy
I want to count last 20 records of a person, whose marks is greater than 2 and grade "manager". ....
Assume A1 has got names (James, John...etc...)
A2 "Manager"
A3 "2"
Someone please reply
I want to count last 20 records of a person, whose marks is greater than "2" and grade "Manager"
Assume A1 "geroge" A2 "Michael" A3 "George" etc...name can found anywhere in the rows
B1 "Manager" B2" clerk"
C1 "2" C2, "4"
please reply
Simplest I can come up with. No limitations for either 1 or 2. This does assume dates are an ordered list with 7 per row, and 2 rows per set. Assuming this is always true this will work for an arbitrary long list of dates.
=OFFSET(B5,QUOTIENT($L$5-$B$4,7)*2,MOD($L$5-$B$4,7))
@Marc,
Nice approach - however, as there are no "Negative Dates" - try:
=OFFSET(B5,INT(L5-B4)/7)*2,MOD(L5-B4,7))
——————————————————————————-
Michael (Micky) Avidan
“Microsoft® Answer” – Wiki author & Forums Moderator
“Microsoft®” MVP – Excel (2009-2015)
ISRAEL
=OFFSET(B4,ROUNDUP((L5-41911+1)/7,0)*2-1,MOD(L5-41911,7))
B4 has been used as reference cell for OFFSET().
FOR ROWS:
ROUNDUP(....,0) gives the integer value of a division. In case of presence of a remainder, ROUNDUP will add 1 to the Quotient.
As opposed to ROUNDUP(), the INT() or QUOTIENT() functions eliminate the remainder.
41911 = 01-Sept-2014, the first date in the data.
*2 has been used because there are 2 columns per set of data.
/7 has been used because there are 7 columns per set of data.
For columns
MOD(L5-41911,7))
Vijaykumar Shetye,
Panaji, Goa, India
This is how i did it
{=INDEX(B4:H15, MAX((L5=B4:H15)*ROW(B4:H15))-2, MAX((L5=B4:H15)*COLUMN(B4:H15))-1 )}
Here's my solution:
=INDEX(B4:H15,MATCH(1,MMULT(--(B4:H15=L5),TRANSPOSE(COLUMN(B4:H15)^0)),0)+1,MATCH(1,MMULT(TRANSPOSE(--(B4:H15=L5)),ROW(B4:H15)^0),0))
Sorry, forgot to mention Ctrl Shift Enter is needed.