Custom Amortization Function in Excel Using LAMBDA
Blog post and file download:
https://www.doubleexcel.com/post/amor...
The first ever financial model I can remember making was an amortization schedule, and I'd venture a guess that you've made one too. The set up and output always follows a pretty similar path:
1. Set your parameters in a snazzy looking bordered range in the top left of the sheet.
2. Set some simple titles for period number, beginning and ending balances, and payment information.
3. Get enough period numbers to cover the life of your loan.
4. Write the formulas for each column and drag down.
5. Pray to Satya Nadella that your ending balance at the last period is zero.
Like me, you've probably been doing this from scratch every time because you've gotten so used to the process, or maybe you have a template that you go back to each time and tweak it slightly. Since the advent of Array Formulas in Excel, you might have even simplified this process with SEQUENCE and other spilling formulas for different columns. Now with the release of the LAMBDA function in 2021 and LET in 2020, I've been starting to re-evaluate some processes that I use regularly to see just how useful some of these new functions can be.
0:00 Intro
0:23 AMORT in Action
1:03 Setting up the LAMBDA
2:21 First Parameters in the LET Function
5:50 Principal Calculations
11:35 Eng/Beg Balance, Int, and Pmt
13:46 Bringing it all together
17:18 Using AMORT's Optional Arguments
19:45 That's it!
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