# Thread: 365/360 Interest Type Amortization Table Thanks: 0 Likes: 0

1. ## 365/360 Interest Type Amortization Table

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!

2. ## Re: 365/360 Interest Type Amortization Table

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 Row A B C D E 1 Initial loan \$575,000.00 2 Interest rate 5.5% 3 Basis 365 / 360 4 Term (Years) 5 5 Months Total 60 6 To convert A360 to A365 5.5763889% 7 Payment \$4,370.15 8 9 Period Payment Interest Capital Outstanding 10 0 -575,000.00 11 1 (\$4,370.15) \$2,672.02 \$1,698.13 (\$573,301.87) 12 2 (\$4,370.15) \$2,664.13 \$1,706.02 (\$571,595.85) 13 3 (\$4,370.15) \$2,656.20 \$1,713.95 (\$569,881.90) 14 4 (\$4,370.15) \$2,648.24 \$1,721.91 (\$568,159.98) 15 5 (\$4,370.15) \$2,640.23 \$1,729.92 (\$566,430.07) 16 6 (\$4,370.15) \$2,632.20 \$1,737.95 (\$564,692.11) 17 7 (\$4,370.15) \$2,624.12 \$1,746.03 (\$562,946.08) 18 8 (\$4,370.15) \$2,616.01 \$1,754.14 (\$561,191.94) 19 9 (\$4,370.15) \$2,607.85 \$1,762.30 (\$559,429.64) 20 10 (\$4,370.15) \$2,599.66 \$1,770.49 (\$557,659.16) 21 11 (\$4,370.15) \$2,591.44 \$1,778.71 (\$555,880.44) 22 12 (\$4,370.15) \$2,583.17 \$1,786.98 (\$554,093.46) 23 13 (\$4,370.15) \$2,574.87 \$1,795.28 (\$552,298.18) 24 14 (\$4,370.15) \$2,566.52 \$1,803.63 (\$550,494.56) 25 15 (\$4,370.15) \$2,558.14 \$1,812.01 (\$548,682.55) 26 16 (\$4,370.15) \$2,549.72 \$1,820.43 (\$546,862.12) 27 17 (\$4,370.15) \$2,541.26 \$1,828.89 (\$545,033.24) 28 18 (\$4,370.15) \$2,532.76 \$1,837.39 (\$543,195.85) 29 19 (\$4,370.15) \$2,524.23 \$1,845.92 (\$541,349.93) 30 20 (\$4,370.15) \$2,515.65 \$1,854.50 (\$539,495.42) 31 21 (\$4,370.15) \$2,507.03 \$1,863.12 (\$537,632.30) 32 22 (\$4,370.15) \$2,498.37 \$1,871.78 (\$535,760.53) 33 23 (\$4,370.15) \$2,489.67 \$1,880.48 (\$533,880.05) 34 24 (\$4,370.15) \$2,480.94 \$1,889.21 (\$531,990.84) 35 25 (\$4,370.15) \$2,472.16 \$1,897.99 (\$530,092.84) 36 26 (\$4,370.15) \$2,463.34 \$1,906.81 (\$528,186.03) 37 27 (\$4,370.15) \$2,454.48 \$1,915.67 (\$526,270.36) 38 28 (\$4,370.15) \$2,445.57 \$1,924.58 (\$524,345.78) 39 29 (\$4,370.15) \$2,436.63 \$1,933.52 (\$522,412.26) 40 30 (\$4,370.15) \$2,427.64 \$1,942.51 (\$520,469.75) 41 31 (\$4,370.15) \$2,418.62 \$1,951.53 (\$518,518.22) 42 32 (\$4,370.15) \$2,409.55 \$1,960.60 (\$516,557.62) 43 33 (\$4,370.15) \$2,400.44 \$1,969.71 (\$514,587.91) 44 34 (\$4,370.15) \$2,391.29 \$1,978.86 (\$512,609.04) 45 35 (\$4,370.15) \$2,382.09 \$1,988.06 (\$510,620.98) 46 36 (\$4,370.15) \$2,372.85 \$1,997.30 (\$508,623.69) 47 37 (\$4,370.15) \$2,363.57 \$2,006.58 (\$506,617.10) 48 38 (\$4,370.15) \$2,354.24 \$2,015.91 (\$504,601.20) 49 39 (\$4,370.15) \$2,344.88 \$2,025.27 (\$502,575.93) 50 40 (\$4,370.15) \$2,335.47 \$2,034.68 (\$500,541.24) 51 41 (\$4,370.15) \$2,326.01 \$2,044.14 (\$498,497.10) 52 42 (\$4,370.15) \$2,316.51 \$2,053.64 (\$496,443.46) 53 43 (\$4,370.15) \$2,306.97 \$2,063.18 (\$494,380.28) 54 44 (\$4,370.15) \$2,297.38 \$2,072.77 (\$492,307.51) 55 45 (\$4,370.15) \$2,287.75 \$2,082.40 (\$490,225.11) 56 46 (\$4,370.15) \$2,278.07 \$2,092.08 (\$488,133.03) 57 47 (\$4,370.15) \$2,268.35 \$2,101.80 (\$486,031.23) 58 48 (\$4,370.15) \$2,258.58 \$2,111.57 (\$483,919.67) 59 49 (\$4,370.15) \$2,248.77 \$2,121.38 (\$481,798.29) 60 50 (\$4,370.15) \$2,238.91 \$2,131.24 (\$479,667.05) 61 51 (\$4,370.15) \$2,229.01 \$2,141.14 (\$477,525.91) 62 52 (\$4,370.15) \$2,219.06 \$2,151.09 (\$475,374.81) 63 53 (\$4,370.15) \$2,209.06 \$2,161.09 (\$473,213.73) 64 54 (\$4,370.15) \$2,199.02 \$2,171.13 (\$471,042.60) 65 55 (\$4,370.15) \$2,188.93 \$2,181.22 (\$468,861.38) 66 56 (\$4,370.15) \$2,178.79 \$2,191.36 (\$466,670.02) 67 57 (\$4,370.15) \$2,168.61 \$2,201.54 (\$464,468.48) 68 58 (\$4,370.15) \$2,158.38 \$2,211.77 (\$462,256.71) 69 59 (\$4,370.15) \$2,148.10 \$2,222.05 (\$460,034.67) 70 60 Worksheet Formulas Cell Formula E10 -B1 B6 (B2/360*365) B11 -\$B\$7 C11 E10*\$B\$6/12*-1 D11 (B11*-1)-C11 E11 E10+D11

3. ## Re: 365/360 Interest Type Amortization Table

The numbers appear to compute.

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

4. ## Re: 365/360 Interest Type Amortization Table

Originally Posted by Dave Patton
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.

5. ## Re: 365/360 Interest Type Amortization Table

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)

6. ## Re: 365/360 Interest Type Amortization Table

Originally Posted by Dave Patton
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!

7. ## Re: 365/360 Interest Type Amortization Table

Originally Posted by bobgilbert
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.

8. ## Re: 365/360 Interest Type Amortization Table

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.