The Total Owed is the Principal Balance plus the Unpaid Interest Balance. Interest, calculated using the simple interest formula (current principal balance times the per diem rate) is NOT added to the principal balance.The Days in Year value should be 365 or 360 depending on how the lender calculates 'per diem' interest. Interest accrues on a daily basis, like most lines of credit.

This will update the accrued interest and subsequent calculations will use the new rate. Estimating an Interest Reserve:Īny time the interest rate changes, you should enter the date and a 0 payment. Multiple payments or draws on the same day should be combined into the same row so that there is only one row per date. Update - Added a CF rule to make a date red (to indicate a warning or error) if it is the same date as the previous row. Also, you are responsible to make sure that it is free of errors. Note to Lenders: If you are going to use this spreadsheet to service an account that you are offering a client, make sure that the calculations and assumptions match what you have specified in your contract. Please let us know if you find any problems with it. Please refer to the assumptions listed below to help determine whether this spreadsheet performs calculations the same way as your line of credit.īETA Version: This spreadsheet should be considered a 'beta' version as it has not yet been used enough to guarantee that it is free of errors. It may not track perfectly with your existing line of credit. This spreadsheet can be used to track payments and draws for a line of credit that accrues interest daily based on the current principal balance.

Daily amortization schedule excel