FREE 15+ Loan Schedule Samples in MS Word | MS Excel | Pages | Numbers | Google Docs | Google Sheets | PDF

Did you know that 80% of the American’s have debts? Of course, you do. Getting loans and taking credits is among the most common financial transactions. Even world power countries have debts. It’s never easy to take debts out of the way because they’re essential in most major transactions such as getting your first home or buying a car. Instead, what you can do is to manage them properly. A reliable loan schedule can help you do that. Learn more about this below.

FREE 15+ Loan Schedule Samples

1. Loan Payment Schedule Template

2. Loan Amortization Schedule Template

3. Car Loan Amortization Schedule Template

4. Free Loan Payment Schedule Template

5. Free Load Panel Schedule Template

6. Sample Loan Repayment Schedule

7. Schedule of Charges for Home Loan

8. Loan Amortization Schedule Sample

9. Bank Loan Amortization Schedule

10. Student Loan Repayment Schedule

11. Sample Loan Schedule Template

12. Loan Amortization Schedule Sample

13. Simple Loan Payment Schedule

14. Car Loan Payment Schedule Sample

15. Loan Repayment Schedule Sample

16. Sample Student Loan Repayment Schedule

What Is a Loan Schedule?

A loan schedule or better known as an amortization schedule is the method by which you pay loans on a fixed schedule or interval. It shows you the breakdown of your budget until you pay off the rest of your balance on a specific timeline. It helps you see how the portions of your payment go to your interest and principal loan so that you can keep track of your payment progress.

Why Have a Loan Schedule

As of late, the US’ outstanding total for personal loans amounted to $143 billion with over 22 million loans in the country. The figures increased by 19.2% in the first quarter of 2019 and have been considered as the fastest-growing consumer loan. There are several reasons why people take out personal loans, but the top purposes include debt consolidation and credit card refinancing. 

In general, 189 million Americans carry debts. An average household has more $8,000 of debt, and an average credit cardholder possesses four cards. It’s no surprise that many people cling to loans. The best to do is to learn how to manage them. Among the best ways that you can do that is to have a loan schedule.

Among the benefits of having a loan schedule is that it serves as your real-time loan calculator. It will show you how far you’re coming along your balance. It also helps you understand if you’re paying less or more for your interest rate than your principal loan. When you layout your payment period on your loan schedule sheet and factor in the interest, you’ll be able to identify how much the breakdown will be. It also keeps you reminded of your agreed payment schedule so that you can avoid penalties for late payments.

How to Devise an Efficient Loan Schedule

Here are some tips that will help you make a loan schedule that you can use:

1. Complete Loan Information

To get you started you on your amortization schedule, get your loan’s complete information. These details should include the total loan amount, the principal, the annual interest, repayment start date, cumulative interest, beginning and ending balance, and others. These are the details that you’ll use to fill in your amortization table. You must get all the right details because it will affect your calculation. A single loophole on your figures can affect your amortization’s layout. Double-check on your gathered details and seek confirmation when you do so.

2. Determine the Payment Timeline

Your payment timeline is the total period that you’re dedicating to pay off the rest of your balance. It will also determine your payment interval on whether you have a weekly loan schedule, a monthly loan schedule, or an annual loan schedule. In most cases, your creditor will dictate what the timeline should be. However, if you’re given the option to choose, pick a timeline that’s convenient for you. Refer to your income statement and determine which timeline suits you the best when paying your loan’s balance.

3. Know the Calculation Formula

Among the most important part of your loan schedule is knowing how to calculate your remaining balance, principal, and interest rate. It is especially useful when you use an application such as an Excel sheet so you can incorporate the right formula and have an automatic computation of your balance when you input a figure. First, multiple the total loan by the periodic interest to find out the interest rate. Next, take your initial monthly loan and subtract the amount of the interest rate. The result will be your periodic loan repayment moving forward.  

4. Update Regularly

Be sure to put your loan schedule into good use by making it a point to update it regularly. Input the amount as soon as you deposit your periodic payment so you’ll see your remaining balance. It helps you keep track of your payment and shows you when you’ll be paying next. If you want to update your payment sheet easily, make it mobile friendly so you can easily put in update and changes that are important to your loan schedule. Aside from helping you monitor your debts, this also serves as important documentation that you can use to review your credit history in case your bank has inquiries and complaints.

FAQs

Knwoing how to manage your financial responsisbilities is an important trait to master if you want to navigate through the world with ease. You will always have to think about how you’ll be able to settles your expenditures and loans, so you can keep on engaging in various transactions without a worry. Our colletion of loan schedule templates can help you. Download now!