Although you can not load two or more sets of data on one sheet, it is a helpful worksheet for those trying to keep track of their amortization. Any amount above the payment due is used to pay off the principal, and the Payment worksheet reflects this. Users would use this sheet if they are going to pay more than the required monthly payment. A second spreadsheet, titled Payment, provides an alternative way to record payments. For example, if you hover your mouse over the Additional Payments cell, an explanation of its function will pop up. The best part about EMI is that you get to repay back the loan in small parts which are easier for most salaried individuals. It’s a monthly payment that the borrower makes towards repayment of the home loan. Below the loan information and summary is the amortization schedule, which is displayed clearly for the user.Ĭertain cells in the sheet show red flags if you hover over these cells, you will get an explanation of what each cell represents. How Home Loan EMI works Do you already know what EMI is EMI stands for Equated Monthly Installment. A summary is provided about your information, including the rate, number of payments, total payments and estimated interest savings.
After you input your loan information, the spreadsheet calculates your monthly payment. It can complete an amortization schedule for any type of loan.
The worksheet is formatted with built-in formulas, so all you have to do is put in your loan information. The Loan Amortization Schedule worksheet for Excel is a tool used for loan calculations.
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