Mortgage Payment Schedule to Manage the Payment of Mortgage Loans
Loans or debts can provide you with financial support in a certain conditions. Of course, it is very helpful, especially when you have to face unexpected financial problems. However, it also gives you a responsibility to pay the loans. This should be made based on the agreed date, so there are no additional charges for being late. In this condition, having a mortgage payment schedule can become useful. This schedule can be so helpful when you are dealing with the mortgage loan.
Functions of the Mortgage Payment Schedule
The mortgage payment schedule is not different from the amortization schedule. However, the amortization schedule is more general and it is for the many kinds of loans. It will be different for the mortgage schedule since it is designed to manage the mortgage. The mortgage itself is a kind of property loan.
For the function, the payment schedule of mortgage is useful to make a clear calculation of the loan. This is very useful to give you a clear amount of loans to pay every month. It is not only an estimation since the information is fixed and it is based on the agreed term.
Then, it is also useful to become a reminder. Sometimes, it is possible to forget the payment day since there are many things to do and manage. With the payment schedule, it can work as a great reminder. It can be integrated into the mobile device, so it can provide the notification regarding the date to pay the debts.
Some Elements in the Mortgage Payment Schedule Template
Everyone can have a different types of mortgage payment schedule. However, it does not mean that each of the payment schedules will be different. Even, it is not possible to use the amortization schedule for the payment schedule of mortgage and vice versa. It is possible to happen since these documents mostly have the same elements, including:
- Loan amount
This will be the basic information to have on the table. This can be input into the template and later it only needs to be copied for every month. The loan amount should be clear and it is based on the agreement.
- Interest rate
Every loan always has an interest rate. Its rate is already stated and agreed upon in the process of loan approval. This will be in the form of percentage and it can be made into the calculation by using the formula in the table.
This will specifically show the month and date of the payment deadline. The number of months depends on the agreed terms.
- Complete payment
This is based on the monthly payment and its interest. This is easy to make when the template has a formula as what is found in Microsoft Excel.
Free and Downloadable Mortgage Payment Schedule
It will be much easier to make the payment schedule in Microsoft Excel. Setting dates, doing the calculation, and applying formula are easy to do, so you will not need to count the payment manually. However, sometimes it is no simple task to do and it makes people reluctant to use the schedule.
In this case, it is not a big problem. It is possible to solve easily by using the payment schedule template. It is very easy to use since the template allows you to edit and customize the details in the schedule. By using the mortgage payment schedule template, it is no longer necessary to make your document.