Amortization Chart & Printable Schedule

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Loan Carrying Cost: Interest Reduction Techniques from The Reading Room

Important Note About Dates: This calculator allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will produce interest charges that do not match other calculators. If you want to match other calculators then set the "Loan Date" and "1st Payment Date" so that they equal one full period as set in "Payment Frequency". Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly", then the "1st Payment Date" should be set to June 15th, that is IF you want a conventional interest calculation. See the end of the "Help" text for some more details.

Don't want to be bothered setting dates? No problem. Use this loan calculator. It also creates an amortization schedule.

Every loan has four primary attributes or variables. (1) The loan amount, (2) the number of payments, (3) the annual interest rate and (4) the payment amount.

Enter any 3 values and zero ('0') for the unknown value. Click the [Calc] button to solve for the unknown and create a schedule.

Note: you can enter a non-zero value for all 4 variables. In that case, your inputs will be used to create the amortization schedule.

The "Loan Date" is the date the monies are advanced. It is also called the "origination date".

The "First Payment Date" is the date the first payment is due. It may be the same date as the "Loan Date" but not usually. When they are the same, this is known as "Payment-in-Advance". Leases are typically paid-in advance.

"Payment Frequency" determines how often payments are due. Monthly is the most common in the USA.

"Compounding" impacts how interest is calculated. In most cases "Compounding" should equal the "Payment Frequency".

"Points" are charged on some loans by the lender. Points are expressed as a percentage of the loan amount. A 300,000.00 loan with 2 points results in an extra fee due the lender of 6,000.00. Points are common for mortgages in the US only. Normally, you will want to leave this input set to 0.0%.

The "Amortization Method" should usually be set to "Normal". If the loan originates in "Canada" then you'll want to set this to the "Canadian" method. In some special cases loans will have only the interest paid as the regular payment or no interest at all. In that case, you can set the "Amortization Method" to accommodate those types of loans. The "Rule-of-78's" is sometimes used for car loans or other consumer loans.

To print any loan schedule, click on "Print Preview" and then "Print this schedule".

When the first period, the period of time between the "loan date" and the "first payment date" is longer than one full period, there will be interest due for the "extra days". This is known as "odd day interest". The odd day interest, with this schedule, is shown as being paid on the loan date. Example: if the "loan date" is March 24 and the "first payment date" is May 1, then there are 8 odd days of interest - March 24th to April 1st.

Conversely, if the time between the "loan date" and "first payment date" is less than the payment period set, then the first period is said to be a "short initial period" and the first payment will be reduced due to less interest being owed.

What is amortization? According to vocabulary.com, "amortization means a debt is being paid off by a series of payments". When people search for an amortization calculator, they search for it using many different search phrases. If you are searching for any of these financial calculators, this calculator should meet your needs. If it doesn't, feel free to tell me what you need in the comment area below and there is a good chance I'll be able to make a recommendation.

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Ultimate Financial Calculator and see the loan payoff calculation tutorial .

Don't over pay, don't under collect. If you need to track payments on the exact date they are paid (or missed) for whatever amount, then use ourThis website has dozens of financial calculators that create various amortization schedules, payment schedules, withdrawal schedules and general cash flow schedules. This is a complete list of our free, online calculators. Feel free to surf!

Please tell me how you use this calculator. Are you using it personally or professionally? What feature is important to you? If it didn't meet your needs, why? Your feedback will help me make improvements. Complete sentences aren't necessary! :)

Good morning-

I am trying to change the accrual basis while calculating an amortization schedule but for some strange reason it will not allow me to do so. I am able to click on the Settings button but when I click on 360/364/365, it won’t let me change it. I’d appreciate your help. Thank you

I’m sorry to say that it looks as if one of the source code files has become corrupt. I’ll try to have it fixed by tomorrow. Sorry it’s not working today. Karl

The problem with the 360/365 is now fixed. Thanks for taking the time to let me know.

If at first it does not work for you, you may need to do a hard page refresh, which means if you are running windows, press Ctrl-F5 to cause the browser to reload the page. This will force it to get the latest version of the code.

I would like to know what the interest is on a monthly basis when I know the principal payment each month and the term is prime plus 1.25% interest for 48 months. Do you have a calculator that will help me with that? The bank has said it will paid by principal payments and monthly interest to be collected separately.

Thank you.

I believe I understand the terms of this loan. We call it a fixed principal loan. The principal is the same each month and interest is added to it. If that’s the case, then you can use this calculator. Look at the options under "Amortization Method" and select fixed principal. Enter the interest rate – I assume they (the lender) will tell you the prime rate being used. And enter 0 for the payment amount so that the calculator calculates it.

The schedule you create will have a declining payment amount as the principal balance falls.

If this is not what you need, then let me know what I’m missing and I’ll take another try.

My answer assumes that the principal is 1/48 of the loan amount each month. If the principal amount that you know is something different, then my answer changes.

Hello,

I am looking to calculate a loan over a period of 2 years with different payment frequencies. Example. the 1st period maybe an odd number of days such as 86, the next period maybe quarterly, the next half yearly and the last period yearly while having the same EMI. Its basically a calculator which can incorporate EMI, principle component, interest component and balances mentioned. Appreciate your assistance with this

. Regards Nitin

Please see the Ultimate Financial Calculator.

This calculator allows user to enter payments made on any date. Scroll down the page and look at the tutorials. #25 is particularly important for your needs.

EMI however, is not a term I’m familiar with. It appears to be some type of insurance. This calculator will not handle that requirement.

Why is there a $20 charge the date the loan is made? I need a calculator that does not have this extra charge.

To fully answer the question, I would need to know your exact inputs. However, my assumption is that the payment frequency you’ve selected is monthly. Also, my assumption is, the loan date and the 1st payment date you’ve entered is something slightly longer than 1 month. For example, loan date Feb. 27th and 1st payment date Apr. 1st.

If those two assumptions are correct, then the $20 is not an “extra charge”. That is the interest due for the 2 odd days Feb. 27th and Feb. 28th.

Please see the comment below the calculator about the dates.

Also, if you want finer control as to when this interest is collected (some lenders collected the odd day interest on the loan date, others add it to the first due payment date), the Ultimate Financial Calculator gives the user some options.

If you just want to ignore this interest, then set an even month (or period) between the loan date and 1st payment date.

I was using this personally to reflect the

payments for a 16 year 9 month mortgage with payments of $3128 per month and after 60 months, $3500 per month and after 120 months, $4,000 per month until fully amortized.

There was no easy way to do this.

I could not set my date parameters by typing in the dates. I had to click to the month and year of change.

I did not see an easy way to print out the full schedule. If it could be done, it was obscure. So I printed it page by page. Each page printed with three pages–one with data and two blank pages. What a waste of paper and time!

On the last tranche, instead of showing the payoff at the end, the schedule continued to amortize with negative interest and amortization. That never happens. What I wanted was to know the date and amount of my final payment which would have been less that the $4,000 per month previously required in the 80th month.

Your program got the job done. Thank you.

My comments are noted. It should not have taken me 1 1/2 hours.

All the best.

Thank you for your extensive comments.

First, about the printing, there is a "Print Preview" button, 3rd button in from the left. Click on it. In the upper right corner and in the bottom center there are "Print" buttons. Clicking either will print the entire amortization schedule. This detail is mentioned in the "Help".

I’m not sure why you weren’t able to just type in a new date. A user should just have to type 8 digits, in the selected format. For today’s date with the default US format of MMDDYYYY, a user would type 02232017. A user does not type the date part separators – “/” for example. The software supplies those automatically. I see I’ve not mentioned this in the Help for this calculator (it is mentioned elsewhere). I’ll add it.

Those points aside, I’m really sorry that you had to spend well over an hour to get what you needed. However, the bottom line is, this calculator is not designed for the problem you outlined. In fact, I’ve very surprised that you were even able to get anything at all. And no, there should not have been negative amortization.

The calculator that IS designed to handle this calculation is the Ultimate Finanacial Calculator. It will easily let a user change payment amounts on any date within the schedule. If you decide to check it out, scroll down the page and you’ll see 25 tutorials that step readers through a lot of different financial calculations. Everyone should read #1. And in your case, tutorial #25, will probably be of most interest.