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...»
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.Need to amortize a really big debt?
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.
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.
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!