# Loan schedule when I know the monthly payment amount?

1. ## Loan schedule when I know the monthly payment amount?

I have a large amount owed to me and the debtor has suggested a payment plan where he pays a monthly amount for a period of time and then the lump sum which is continuing to accrue interest during the repayment period. I want to be able to use a template if possible to input this, but all the ones that I see generate the loan payment amount and I cannot put this in. Can I not use the templates and build my own spreadsheet?

Any ideas?

For example, my loan amount is \$50,000, the monthly payment is \$500 for a year and the interest is 18%. How do I determine what the lump sum payment is at the end of the 12 months including interest using these templates?

thanks
Jo-Anne

2. ## Re: Loan schedule when I know the monthly payment amount?

Jo-Anne
Look at the attached and see if that works for you.

Alan

3. ## Re: Loan schedule when I know the monthly payment amount?

Make an amortization table:

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4. ## Re: Loan schedule when I know the monthly payment amount?

Hi Jo-Anne and welcome to the forum.

I know there are lots of Payment and Loan formulas in Excel, but you can do this one by hand.

See the attached.

With your numbers they will owe you 53,190.89 after 12 months.

Don't believe the formulas... Figure out the first month's interest and payment and how much they owe you on month 2. Do a few formulas on the top and pull them down for 12 months.

I love it when we all get different answers - looking at the above. Maybe this is we all work for free.

5. ## Re: Loan schedule when I know the monthly payment amount?

Hi,

I used the Excel Mortgage Amortization template as the base for this.

Regards

6. ## Re: Loan schedule when I know the monthly payment amount?

When I pulled down the formula I Paid 500 the first month and 501 the second and 502 the third month.

I'm wrong first!!!! Maybe this is why I don't have a job!!

7. ## Re: Loan schedule when I know the monthly payment amount?

Thanks everyone! This does work like a charm - now just to get the customer paying us back!!

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