Convenient and Easy to Use Loan Payment Schedule Template
For someone who’s planning or currently taking out loans or mortgages, it is very important to keep track of their debt and the payment of it. Remembering and calculating the amount of payment is a no brainer task if you have a fixed amount to pay every month. However, if the amount of debt or the ratio of it has possibility to change, maybe you’d require some helps from the loan payment schedule template. There are plenty of templates available on the internet that you can get for free, whether to save it on your computer or print the paper out to have a physical form.
What is Schedule Template for Payment?
The loan payment schedule template is a pre-made form that contain framework to determine your debt balance and the due date of the payment. The scheduled payment during the loan lifetime is listed inside the form including some other columns for variables such as loan amount, loan duration, interest rate, and payment frequency. Some templates that are created in Excel even have the calculator that would calculate the amount of debt that you should pay on certain months. There are various schedule templates that are intended to use for different loans, so it should be easy for you to find the correct one that match the best, to start managing your debt efficiently.
What are the Available Types of Schedule Template?
The schedule can be differentiated from its payment period such as daily, weekly, or monthly. You may make use of loan payment schedule template that matches your payment period. Decide which one you should get by reading the explanation below.
- Daily loan payment schedule
The loan that has daily payment schedule usually is the short term type that has a payment period ranges between three to eighteen months. You’d be required to pay the factor rate, which means that the borrowed fund has to be paid back in the rate of a cent. The interest rate is compound daily on weekdays (Monday to Friday), so you’d make about 20 to 22 times of payments per month.
- Weekly loan payment schedule
In this type of schedule template, the loan is calculated on weekly basis. There are weekly loan payments that offer to compound interest daily instead of weekly, as a way to make the borrower feel more convenient.
- Monthly loan payment schedule
This is the most common type of payment period, especially for the long term loans. The payback is calculated in a monthly schedule, and the payment amount is set and agreed by both the payer and payee.
How to Use the Payment Schedule
Whether you choose to download or make the loan payment schedule template from scratch, the steps are pretty similar. You have to make sure that the template contains the entire necessary column with labels, to fill information about the loan. The interest rate must be written in percentage form. Then the payment amount has to be calculated by the suitable formula and method. Then you can save it digitally or make a print out to use as a reminder to pay the debt.