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Currently the Amortization Schedule Calculator is the most popular financial calculator on this website. It calculates one of four unknowns or you can provide all the values. You are also in control of the loan and first payment dates. More below...»

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No/Yr Date Payment Interest Principal Balance
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Related: Need to amortize a really big debt? US National Debt Calculator handles debts to $99 trillion. Amortize entire debt or your family's share of the debt (surprise!). Also, generic use for bond coupon schedules.

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.

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.

Related: 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 our Ultimate Financial Calculator and see the loan payoff calculation tutorial .

This 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!

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418 thoughts on “amortization-schedule

  1. when printing off the amortization table, at the bottom right of the page, it says Calculation Method: Normal, 360 days per year.

    Can you explain what this means? Why are only 360 days per year used? How is this different from the other calculation methods offered on this site?

    • "Normal" refers to the "Amortization Method" which the user can set on this calculator. That is, it’s not "Canadian" or "Rule-of-78s" or"Interest Only".

      The 360 refers to the number of days in the year, and you can set that option by clicking on the "Settings" button. The number of days ONLY impacts interest calculations if compounding is set to "Daily", "Exact" or "Continuous" or if the initial period between the loan date and the first payment date has some odd days.

      If this isn’t clear and you want more details, please ask.

  2. I am on a board that works with banks and the USDA. When placing the figures into your amortization schedule it is different than either the bank, ie. CoBank and the USDA who says their calculations are based on daily accruing interest. I am trying to find software that I could calculate these loans accurately.

    • I assume when they say "daily accruing interest" it is the same thing that I call "compounding method". Did you try setting that option to "Daily". If you did, and you still get different results, then it is very important that the dates match exactly. That is, the loan date and the first payment date because "daily", "exact" and "continuous" compounding count the number of days in the period.

      If you still can’t get it to match, and you can put the loan details here with some sample interest amounts for the first few payments, I’ll take a look to see why there might be a difference. Perhaps you’ll have to go back to them and them them they are calculating the interest incorrectly. 🙂

      • Karl,
        I did try the “Daily” option and I still didn’t get it to line up with our USDA loan. I have attached our 1098 Form for 2015 to see if you can figure out how I can get it right. I am on a board and we have several loans by the USDA and I want to be able to calculate correctly interest and principle and balances.
        I really appreciate your help.

  3. Karl,
    This USDA loan was for $620,000 at 5.5%. The date of the loan was 07/28/1997. The monthly payment is drafted out of our account automatically every 28th day of every month. They say the final year of our loan is 2037, since it is a 40 year loan. I am not sure if we started the payments on 07/28/1997 or on 08/28/1997.

    I did try the daily setting but my number were still off.

    • Thanks for following up here. Now that I can see the PDF you sent (I couldn’t open it from my cell phone), I see what’s going on. The pdf report is a bit unusual in layout, but the numbers work out for 2015 (to within a penny). Here’s how I set them up:

      Loan Amount: 473,793.24
      Payments (#): 48 (this could be any number greater than 12)
      Annual Interest Rate: 5.5%
      Payment Amoumnt: 3,224.00 (I simply added an interest and principal payment)

      Loan Date: 12/28/2014
      1st Payment Date: 01/28/2015

      Payment Frequency: Monthly
      Compounding: Exact/Simple
      Points: 0
      Amortization Method: Normal

      Click "Calc" and the schedule will use your details as entered.

      Total Interest 2015: $25,734.07

      NOTE: Under "Settings", the number of days per year is set to 365.

      I’m using $373,793.24 as the balance because that is the principal balance after the 12/28/14 payment.

      Does this work for you?

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