When you take a mortgage or home loan, the bank gives you the option to pay in equal monthly installments called amortization or EMI (equal monthly installments). Each mortgage amortization payment consists of two parts - principal component and interest component.

The interest component will be huge and  principal component will be very small in the initial amortizations. In successive amortizations, the interest component will keep on decreasing while the principal component keeps on increasing. keeping track of your amortization components and doing timely part-payments can save a lot of money which would otherwise go the the bank as interest.

Amortization EMI Schedule Using Google Docs Spreadsheet.

There are many excel sheets you can download to get the exact break up of schedule, principal, interest, amortization EMI etc. But a better way is to have a Google doc spreadsheet which you can access from anywhere including your phone. So here's the solution.

Use this link to create a copy of the amortization calculator to your google drive and open it - Amortization schedule calculator - Google doc.

The fields are pretty simple. The spreadsheet is initialized for a mortgage loan amount of $100,000 with an interest rate of 3% spread over 12 years. You can change these values to fit your mortgage. As you change the values, everything gets re-calculated automatically.

Please note that whenever you change a value, the calculations needs to be done in Google drive and the values brought back into your spreadsheet. So unlike an Office Excel sheet where all calculations are done on the PC, you might see a slight lag for re-calculated values to appear on the sheet.