How to Create an Amortization Calculator
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How to Create an Amortization
Calculator Sid Macatol
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Amortization?
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. . . what you pay the bank monthly for your loan
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What Loan?
HOUSING LOAN
CAR LOAN
WHATEVER LOAN
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Why Compute?
To forecast
To verify
To decide
To plan
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Software to Use
Microsoft Excel
Google Spreadsheet
Open Office Spreadsheet
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Open a blank spreadsheet
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Bring mouse pointer to this border
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✚
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Click and drag to widen column
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✚
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Type the following under Column A
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Type the following under Column B
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Select the indicated cells
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Click on the Font Color icon
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Click on the Blue color
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Blue reminds you that these are Variables
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Variables?
data that you can manually change anytime in the computation
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Loan Amount
Depends on how much you need AND what the bank is willing to lend
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Annual Interest Rate
Depends on what the bank offers
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Payment Period
Depends on bank policy and your preference
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The following slides are for Microsoft Excel and Open
Office Spreadsheets
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I’ll describe a similar procedure for Google
Spreadsheet later
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Select the indicated cells
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Click “Insert” at the Main Menu
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Select “Name” on drop down menu
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Select “Create”
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Check “Left Column”
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Click “OK”
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You’re back here
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What did we just do?
WAIT A MINUTE!
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We created names for the cells
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Cell names make computations easier
to understand
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Cell B2 . . .
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=LOAN_AMOUNT NOTE: SPACES BECOME UNDERSCORES
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Cell B3 . . .
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=ANNUAL_INTEREST_RATE NOTE: SPACES BECOME UNDERSCORES
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Cell B4 . . .
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=PAYMENT_PERIOD_IN_YEARS NOTE: SPACES BECOME UNDERSCORES
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The following slides are for Google Spreadsheet
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It’s a longer procedure that you can also do in Excel and Open Office
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Click on Loan Amount
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Click ‘Edit’
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Click ‘Named ranges’
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Click ‘Define new range’
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Type LOAN_AMOUNT
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Click ‘Save’
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There’s the range name you just defined
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Click ‘Done’
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Click on the interest rate
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Click ‘Edit’
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Click ‘Named ranges’
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Click ‘Define new range’
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Type ‘ANNUAL_INTEREST_RATE’
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Click ‘Save’
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Click ‘Done’
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Click on payment period
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Define new range
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Type PAYMENT_PERIOD_IN_YEARS
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Click ‘Done’
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Now you have your cell range names in
place
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Proceed to Cell B5
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Type =PMT(
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See this?
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In Open Office
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In Google Spreadsheet
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It tells us what to put into the formula
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Rate
This is the Interest Rate
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nper
This is the payment period
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pv
This is the loan amount
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[fv] and [type]
Ignore these for now
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Everything makes sense
so far?
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Before moving on…
Remember that we are after MONTHLY AMORTIZATION
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Remember this?
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Therefore #1 . . .
Rate must be in terms of interest rate per month
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Therefore #1 . . .
Rate must be in terms of interest rate per month
Inside the formula, we divide the annual interest rate by 12
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Therefore #2
Payment period must also be in months
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Therefore #2
Payment period must also be in months
Inside the formula, we multiply payment period in years by 12
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Here’s the “rate”
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=PMT(annual_interest_rate/12, payment_period_in_years*12, loan_amount)
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Note for Open Office
Just replace commas with semi-colons
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Note for Open Office
Just replace commas with semi-colons
Formula appears like this:
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=PMT(annual_interest_rate/12; payment_period_in_years*12; loan_amount)
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Here’s “nper”
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=PMT(annual_interest_rate/12, payment_period_in_years*12, loan_amount)
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Here’s “pv”
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=PMT(annual_interest_rate/12, payment_period_in_years*12, loan_amount)
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Here’s how it looks in the spreadsheet
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Let’s zoom in a bit
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In Open Office
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Notice the semi-colon instead of the comma in between variables
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In Google Spreadsheet
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You now have your monthly amortization
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Change the payment period to 20 years
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Amortization lowers only slightly
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Stick to 15 years but go for 9% interest
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Monthly amortization is P600 lower!
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Negotiate once, enjoy P600 savings a month for 15 years. Not bad!
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You set this AMORTIZATION CALCULATOR
only once
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You’ve got it for life
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Enjoy the power of knowing your own
numbers
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Sid Macatol
Dec 10, 2010 Sid Macatol - How to Create an Amortization Calculator
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