Looking for a Loan amortization schedule based on a 365/365 basis instead of the standard 360/360 basis

I downloaded the Loan Amortization Schedule template but it is based on a 360/360 basis instead of a 365/365 basis.  The difference over the life of the loan can be substantial.  Does anyone know how to modify this template or is there one available that is based on 365 instead of 360?

 

Example:

 

Amortizing at 30 day / 360 Principal is 145.09 Interest is 1032.50 and total payment is 1177.59

 

Amortizing at 31 day / 365 Principal is 125.28, Interest is 1052.30 and total payment remains 1177.59

 

The difference in interest paid is important in this scenario.

 

Thanks in Advance.

 

George

 

 

Question Info


Last updated July 22, 2019 Views 2,699 Applies to:
Answer
Answer

Hi George,

 

Welcome to Microsoft Office Community and thanks for posting the question. By the description, I understand that you need assistance in modifying templates as the required template is not available in Excel 2013.

 

As you need assistance in modifying the Loan Amortization Schedule template, your query will be better addressed in Excel IT Pro forums:
http://social.technet.microsoft.com/Forums/en/excel/threads

 

If you have any query and issues with Office suites and office related products, reply and we will be happy to assist you.

 

Thank You

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