A Loan Amortization Schedule is a typed or handwritten table that outlines every single payment for the loan, calculates the money that goes toward the lender and to the interest until the borrower pays off the entire amount of the loan. This document will clarify how much money you need to pay each month and will help you to stay on track by demonstrating the calculation of interest.
Once you find out the loan interest you owe to the lender, you are encouraged to handle the main payments as soon as you can. Extra payments will also lower the future payments that will cover the interest. With the help of a schedule, you can clearly see the advantages of extra payments and early payments that will lead to faster amortization and will let you manage the budget and save money on interest expense. A Loan Amortization Schedule template available in Excel can be downloaded through the link below.
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