365/360 Interest Type Amortization Table

bobgilbert

New Member
Joined
Apr 17, 2015
Messages
5
Long story short, I am trying to back into an amortization table using the following variables:

Original Loan Amount = $575,000
Loan Start Date = 10/24/2011
Payment Date = The 24th day of each month (first payment 11/24/2011)
Interest Type = 365/360
Interest Rate (before adjusting because of 365/360) = 5.5%
Payment for the first 59 months = $4,370.15
Final Payment (60th Month) = $462,357.50

This is all of the information that is shown in my loan document that I thought would need to be given but please let me know what I forgot to provide :)

Summary: I have my original loan documents showing the information above but my amortization tables I have created do not show a final payment of $462,357.50 and I can't figure out how they got to that number, or what I am doing wrong.

Thanks!
 
Last edited:

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bobgilbert

New Member
Joined
Apr 17, 2015
Messages
5
Here is my failed attempt. Hopefully I did this so that it is readable (I can't figure out how to format very well in here):

Sheet1
RowABCDE
1Initial loan$575,000.00
2Interest rate5.5%
3Basis365 / 360
4Term (Years)5
5Months Total60
6To convert A360 to A3655.5763889%
7Payment$4,370.15
8
9PeriodPaymentInterestCapitalOutstanding
100 -575,000.00
111($4,370.15)$2,672.02$1,698.13($573,301.87)
122($4,370.15)$2,664.13$1,706.02($571,595.85)
133($4,370.15)$2,656.20$1,713.95($569,881.90)
144($4,370.15)$2,648.24$1,721.91($568,159.98)
155($4,370.15)$2,640.23$1,729.92($566,430.07)
166($4,370.15)$2,632.20$1,737.95($564,692.11)
177($4,370.15)$2,624.12$1,746.03($562,946.08)
188($4,370.15)$2,616.01$1,754.14($561,191.94)
199($4,370.15)$2,607.85$1,762.30($559,429.64)
2010($4,370.15)$2,599.66$1,770.49($557,659.16)
2111($4,370.15)$2,591.44$1,778.71($555,880.44)
2212($4,370.15)$2,583.17$1,786.98($554,093.46)
2313($4,370.15)$2,574.87$1,795.28($552,298.18)
2414($4,370.15)$2,566.52$1,803.63($550,494.56)
2515($4,370.15)$2,558.14$1,812.01($548,682.55)
2616($4,370.15)$2,549.72$1,820.43($546,862.12)
2717($4,370.15)$2,541.26$1,828.89($545,033.24)
2818($4,370.15)$2,532.76$1,837.39($543,195.85)
2919($4,370.15)$2,524.23$1,845.92($541,349.93)
3020($4,370.15)$2,515.65$1,854.50($539,495.42)
3121($4,370.15)$2,507.03$1,863.12($537,632.30)
3222($4,370.15)$2,498.37$1,871.78($535,760.53)
3323($4,370.15)$2,489.67$1,880.48($533,880.05)
3424($4,370.15)$2,480.94$1,889.21($531,990.84)
3525($4,370.15)$2,472.16$1,897.99($530,092.84)
3626($4,370.15)$2,463.34$1,906.81($528,186.03)
3727($4,370.15)$2,454.48$1,915.67($526,270.36)
3828($4,370.15)$2,445.57$1,924.58($524,345.78)
3929($4,370.15)$2,436.63$1,933.52($522,412.26)
4030($4,370.15)$2,427.64$1,942.51($520,469.75)
4131($4,370.15)$2,418.62$1,951.53($518,518.22)
4232($4,370.15)$2,409.55$1,960.60($516,557.62)
4333($4,370.15)$2,400.44$1,969.71($514,587.91)
4434($4,370.15)$2,391.29$1,978.86($512,609.04)
4535($4,370.15)$2,382.09$1,988.06($510,620.98)
4636($4,370.15)$2,372.85$1,997.30($508,623.69)
4737($4,370.15)$2,363.57$2,006.58($506,617.10)
4838($4,370.15)$2,354.24$2,015.91($504,601.20)
4939($4,370.15)$2,344.88$2,025.27($502,575.93)
5040($4,370.15)$2,335.47$2,034.68($500,541.24)
5141($4,370.15)$2,326.01$2,044.14($498,497.10)
5242($4,370.15)$2,316.51$2,053.64($496,443.46)
5343($4,370.15)$2,306.97$2,063.18($494,380.28)
5444($4,370.15)$2,297.38$2,072.77($492,307.51)
5545($4,370.15)$2,287.75$2,082.40($490,225.11)
5646($4,370.15)$2,278.07$2,092.08($488,133.03)
5747($4,370.15)$2,268.35$2,101.80($486,031.23)
5848($4,370.15)$2,258.58$2,111.57($483,919.67)
5949($4,370.15)$2,248.77$2,121.38($481,798.29)
6050($4,370.15)$2,238.91$2,131.24($479,667.05)
6151($4,370.15)$2,229.01$2,141.14($477,525.91)
6252($4,370.15)$2,219.06$2,151.09($475,374.81)
6353($4,370.15)$2,209.06$2,161.09($473,213.73)
6454($4,370.15)$2,199.02$2,171.13($471,042.60)
6555($4,370.15)$2,188.93$2,181.22($468,861.38)
6656($4,370.15)$2,178.79$2,191.36($466,670.02)
6757($4,370.15)$2,168.61$2,201.54($464,468.48)
6858($4,370.15)$2,158.38$2,211.77($462,256.71)
6959($4,370.15)$2,148.10$2,222.05($460,034.67)
7060
Worksheet Formulas
CellFormula
E10-B1
B6(B2/360*365)
B11-$B$7
C11E10*$B$6/12*-1
D11(B11*-1)-C11
E11E10+D11

<colgroup><col><col><col><col><col><col></colgroup><tbody>
</tbody>

<colgroup><col><col><col><col><col><col></colgroup><tbody>
</tbody>
 

Dave Patton

Well-known Member
Joined
Feb 15, 2002
Messages
4,006
Office Version
2010
Platform
Windows
The numbers appear to compute.

Daily rate =0.055*365/360/365
Each month considers the number of days
 

bobgilbert

New Member
Joined
Apr 17, 2015
Messages
5
The numbers appear to compute.

Daily rate =0.055*365/360/365
Each month considers the number of days
In my spreadsheet above is that what I am doing wrong, not using the amount of days in a month? Sorry, I don't fully understand your reply.
 

Dave Patton

Well-known Member
Joined
Feb 15, 2002
Messages
4,006
Office Version
2010
Platform
Windows
Yes. The interest rate is grossed up and the interest is calculated on the number of days for the month.


59 24-09-16 31 4,370.15 2,190.11 2,180.04 460,248.03
60 24-10-16 30 462,357.50 2,109.47 460,248.03 0.00

59th interest =ROUND(0.055/360*G60*C61,2)
 
Last edited:

bobgilbert

New Member
Joined
Apr 17, 2015
Messages
5
Yes. The interest rate is grossed up and the interest is calculated on the number of days for the month.


59 24-09-16 31 4,370.15 2,190.11 2,180.04 460,248.03
60 24-10-16 30 462,357.50 2,109.47 460,248.03 0.00

59th interest =ROUND(0.055/360*G60*C61,2)
I will work through your response in my new spreadsheet and let you know how it goes, thanks!
 

bobgilbert

New Member
Joined
Apr 17, 2015
Messages
5
I will work through your response in my new spreadsheet and let you know how it goes, thanks!
It looks like you may have worked though all of the months payments and interest and then shared the 59th and 60th? If so, might you be willing to show the first 58 rows too? Doesn't have to be pretty but it would help me to know if I go off track by being able to compare your interest calculation per month to mine.
 

Dave Patton

Well-known Member
Joined
Feb 15, 2002
Messages
4,006
Office Version
2010
Platform
Windows
Payment# Days Payment Interest Principal Balance
24-10-11 575,000.00
1 24-11-11 31 4,370.15 2,723.26 1,646.89 573,353.11
2 24-12-11 30 4,370.15 2,627.87 1,742.28 571,610.83
3 24-01-12 31 4,370.15 2,707.21 1,662.94 569,947.89
4 24-02-12 31 4,370.15 2,699.34 1,670.81 568,277.08
5 24-03-12 29 4,370.15 2,517.78 1,852.37 566,424.71
6 24-04-12 31 4,370.15 2,682.65 1,687.50 564,737.21
7 24-05-12 30 4,370.15 2,588.38 1,781.77 562,955.44
8 24-06-12 31 4,370.15 2,666.22 1,703.93 561,251.51
9 24-07-12 30 4,370.15 2,572.40 1,797.75 559,453.76
10 24-08-12 31 4,370.15 2,649.64 1,720.51 557,733.25
11 24-09-12 31 4,370.15 2,641.49 1,728.66 556,004.59
12 24-10-12 30 4,370.15 2,548.35 1,821.80 554,182.79
13 24-11-12 31 4,370.15 2,624.67 1,745.48 552,437.31
14 24-12-12 30 4,370.15 2,532.00 1,838.15 550,599.16
15 24-01-13 31 4,370.15 2,607.70 1,762.45 548,836.71
16 24-02-13 31 4,370.15 2,599.35 1,770.80 547,065.91
17 24-03-13 28 4,370.15 2,340.23 2,029.92 545,035.99
18 24-04-13 31 4,370.15 2,581.35 1,788.80 543,247.19
19 24-05-13 30 4,370.15 2,489.88 1,880.27 541,366.92
20 24-06-13 31 4,370.15 2,563.97 1,806.18 539,560.74
21 24-07-13 30 4,370.15 2,472.99 1,897.16 537,663.58
22 24-08-13 31 4,370.15 2,546.43 1,823.72 535,839.86
23 24-09-13 31 4,370.15 2,537.80 1,832.35 534,007.51
24 24-10-13 30 4,370.15 2,447.53 1,922.62 532,084.89
25 24-11-13 31 4,370.15 2,520.01 1,850.14 530,234.75
26 24-12-13 30 4,370.15 2,430.24 1,939.91 528,294.84
27 24-01-14 31 4,370.15 2,502.06 1,868.09 526,426.75
28 24-02-14 31 4,370.15 2,493.22 1,876.93 524,549.82
29 24-03-14 28 4,370.15 2,243.91 2,126.24 522,423.58
30 24-04-14 31 4,370.15 2,474.26 1,895.89 520,527.69
31 24-05-14 30 4,370.15 2,385.75 1,984.40 518,543.29
32 24-06-14 31 4,370.15 2,455.88 1,914.27 516,629.02
33 24-07-14 30 4,370.15 2,367.88 2,002.27 514,626.75
34 24-08-14 31 4,370.15 2,437.33 1,932.82 512,693.93
35 24-09-14 31 4,370.15 2,428.18 1,941.97 510,751.96
36 24-10-14 30 4,370.15 2,340.95 2,029.20 508,722.76
37 24-11-14 31 4,370.15 2,409.37 1,960.78 506,761.98
38 24-12-14 30 4,370.15 2,322.66 2,047.49 504,714.49
39 24-01-15 31 4,370.15 2,390.38 1,979.77 502,734.72
40 24-02-15 31 4,370.15 2,381.01 1,989.14 500,745.58
41 24-03-15 28 4,370.15 2,142.08 2,228.07 498,517.51
42 24-04-15 31 4,370.15 2,361.03 2,009.12 496,508.39
43 24-05-15 30 4,370.15 2,275.66 2,094.49 494,413.90
44 24-06-15 31 4,370.15 2,341.60 2,028.55 492,385.35
45 24-07-15 30 4,370.15 2,256.77 2,113.38 490,271.97
46 24-08-15 31 4,370.15 2,321.98 2,048.17 488,223.80
47 24-09-15 31 4,370.15 2,312.28 2,057.87 486,165.93
48 24-10-15 30 4,370.15 2,228.26 2,141.89 484,024.04
49 24-11-15 31 4,370.15 2,292.39 2,077.76 481,946.28
50 24-12-15 30 4,370.15 2,208.92 2,161.23 479,785.05
51 24-01-16 31 4,370.15 2,272.32 2,097.83 477,687.22
52 24-02-16 31 4,370.15 2,262.38 2,107.77 475,579.45
53 24-03-16 29 4,370.15 2,107.08 2,263.07 473,316.38
54 24-04-16 31 4,370.15 2,241.68 2,128.47 471,187.91
55 24-05-16 30 4,370.15 2,159.61 2,210.54 468,977.37
56 24-06-16 31 4,370.15 2,221.13 2,149.02 466,828.35
57 24-07-16 30 4,370.15 2,139.63 2,230.52 464,597.83
58 24-08-16 31 4,370.15 2,200.39 2,169.76 462,428.07
59 24-09-16 31 4,370.15 2,190.11 2,180.04 460,248.03
60 24-10-16 30 462,357.50 2,109.47 460,248.03 0.00

I hope that this helps. I do not have the tools on this computer to export
the information clearly.
 

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