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:

Excel Facts

Copy a format multiple times
Select a formatted range. Double-click the Format Painter (left side of Home tab). You can paste formatting multiple times. Esc to stop
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>
 
Upvote 0
The numbers appear to compute.

Daily rate =0.055*365/360/365
Each month considers the number of days
 
Upvote 0
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:
Upvote 0
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!
 
Upvote 0
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.
 
Upvote 0
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.
 
Upvote 0

Forum statistics

Threads
1,213,492
Messages
6,113,967
Members
448,537
Latest member
Et_Cetera

We've detected that you are using an adblocker.

We have a great community of people providing Excel help here, but the hosting costs are enormous. You can help keep this site running by allowing ads on MrExcel.com.
Allow Ads at MrExcel

Which adblocker are you using?

Disable AdBlock

Follow these easy steps to disable AdBlock

1)Click on the icon in the browser’s toolbar.
2)Click on the icon in the browser’s toolbar.
2)Click on the "Pause on this site" option.
Go back

Disable AdBlock Plus

Follow these easy steps to disable AdBlock Plus

1)Click on the icon in the browser’s toolbar.
2)Click on the toggle to disable it for "mrexcel.com".
Go back

Disable uBlock Origin

Follow these easy steps to disable uBlock Origin

1)Click on the icon in the browser’s toolbar.
2)Click on the "Power" button.
3)Click on the "Refresh" button.
Go back

Disable uBlock

Follow these easy steps to disable uBlock

1)Click on the icon in the browser’s toolbar.
2)Click on the "Power" button.
3)Click on the "Refresh" button.
Go back
Back
Top