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Thread: 365/360 Interest Type Amortization Table

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    Default 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!
    Last edited by bobgilbert; Apr 17th, 2015 at 12:52 PM.

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    Default 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

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    Default 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

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    Default Re: 365/360 Interest Type Amortization Table

    Quote Originally Posted by Dave Patton View Post
    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.

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    Default 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)
    Last edited by Dave Patton; Apr 17th, 2015 at 02:12 PM.

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    Default Re: 365/360 Interest Type Amortization Table

    Quote Originally Posted by Dave Patton View Post
    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!

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    Default Re: 365/360 Interest Type Amortization Table

    Quote Originally Posted by bobgilbert View Post
    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.

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    Default 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.

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