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.

- amortization calculator
- amortization table
- loan amortization calculator
- loan amortization
- loan amortization schedule

time value of money 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! :)

Hi Kari,

I am trying to run a quarterly payment loan that will end up with a balloon. The schedule keeps including a huge payment on the first payment date in order to fully amortize the loan. Not what I want. How do I get the program to apply the payments equally to all installments?

Here are the details:

Loan Amount: $1,200,000

Interest Rate: 5.50%

Loan Date: 1/28/2010

First Pmt : 4/1/2010

Payments: 27

Payment Amount: $22,140.00

Compounding: Monthly

Amortization Method: Normal

Rick

Hi Rick, this is not the calculator that you want to use. Instead, please see the Time Value of Money Calcultor. It will give you full control over all details. If you scroll down the page, there are 25 tutorials – 2 of them dealing specifically with balloon loan options:

7. Balloon Payment Calculation

Calculate the balloon amount

8. Balloon Loan Calculation

Calculate the periodic payment required to result in a specified balloon

Also, under the Setting button, there are options for how you want the initial period’s interest handled.

Once you check it out, if you have any questions, you can ask them in the comments area under that calculator.

This schedule calculator is very helpful. Thanks for having it online for us to use. My only suggestion would be that it be independent of the internet so I can click on the program on my computer, for those occasions when the internet is not available.

Good job on a very clean and precise program.

Thanks,

Paul W.

Well thank you. And thank you for the opportunity to plug a solution. See that “Store” button at the top of every page. ðŸ™‚ Click on that an you can purchase an amortization schedule for $9.95 that will run on a Windows computer. Sorry, not for Macs.

Hi Karl,

I am building own calculator using excel and using your calculator as my base result. For fixed term case, I can tally my answer with yours only if my payment frequency and compounding is same, but if i change the compounding to different frequency i cannot get the same answer. Can you share with me the formula to cater for compounding?

About the only thing that I won’t discuss on this site are the equations. I’ve got to maintain some intellectual property. One thing though, the next version of this calculator will let the user copy the full schedule easily to Excel. So if you reason for building the calculator is because you need the values in Excel, perhaps you won’t need your own after this is updated.

Hi Karl,

Thank you for the calculator. I have a question about having negative principal amount on the first payment. that causes double times interest rate at the end.

Here are the details:

Loan Amount: $10,000

Interest Rate: 11.88%

Loan Date: 1/1/2010

First Pmt : 4/1/2010

Payments: 48

Compounding: Monthly

Amortization Method: Normal

in that case i have -37.20 for the first pmt period. How can i avoid that ?

You’re welcome.

I’m getting slightly different numbers. Is the regular payment frequency also monthly? And did you allow the calculator to calculate the payment amount or did you provide it?

Assuming the calculator calculated the payment, and the payment frequency is monthly, what is happening is this – the long initial period (3 months) accures more interest than is covered by a “normal” monthly payment. With this calculator, there are no users options for changing how this scenario is handled. The shortfall to the loan balance. Thus the negative principal (negative amortization).

If you are open to using a different calculator, the Time Value of Money Calculator has many options for how interest from long initial periods can be paid. Please click the “Settings” button for access to these options. Probably you’ll want to increase the first payment slightly, or pay the interest with the origination date. You could also opt to have it paid over the term of the entire loan.

If you try the calculator and have questions, you can post them on that page.

(Please do not reply to this email.)

This is awesome Karl. Thank you for doing this ðŸ™‚

This is a super helpful calculator, especially since there aren’t many that allow you to set separate loan date and payment start date.

Is there any chance you could add an amortization method that is interest only for a limited period? So, for example, you could set interest only for a year, and then principle and interest for the remainder of the loan…

Actually, I think I figured out how to do this with your Time Value of Money Calculator! Thanks again!

Yup, that’s the one. Notice to, should it ever come up, you can have interest only payments at anytime during the term, not just for the initial periods.

Months ago I started having a problem with this calculator and I have used it for years I am an auto dealer and I find myself with the same problem again when I put in the amount financed for example $3,000 I leave the payment amount blank I put in 18% for the interest rate for the amount I put in $75 weekly events at the date to the current date Ivan select first payment due date as the following Friday of the next week for the compounding method if I’m doing weekly I put in weekly so everything matches I am now when I run it to calculate the print preview it is only giving me one payment of the total amount financed for example it comes up one payment $3,000 which I do not understand cuz I am selecting $75 a week weekly payments weekly compounding at 18% why does it kick back to just one balloon payment approximately a week away I do not understand this when the system calculator was modified a few months ago it was doing the same thing and that everybody begged in the comments for the old one that was simplified and easy-to-use can you guide me in this

In summary to that I would basically do a loan amount the loan payment and the interest rate and the system would calculate how many payments it was for example of solution would be 46 weekly payments which I already knew were at $75 a week and then a Time print preview it would run me out a finance charge and everything was fantastic I would scroll down put in today’s date put in a week away Friday date modify it if it was weekly bi-weekly or monthly and Max the interest compounding methods so the chart with balance and it would always print it right out now it is no longer doing that it is simply showing one large payment with a finance charge to it please help me

Please provide me with a complete example of what each input is set to when you click on the calculate button. I need to try this for myself, because I’m not aware of any problems. Please provide all details. Dates, etc. We’ll get to the bottom of this. Thanks.

Is there a way to send the Amortization Schedule by email as an attachment rather than printing it out. Thanks

John

The easiest way to do that is to use the Chrome browser, and when you go to print the amortization schedule, Chrome will give you an option to print to PDF which opens a file save dialog box. It’s a built in feature of Chrome (at least on Windows), and perhaps some other browsers. The PDF, of course, can be attached to an email.

Another option is to search on the web for a PDF printer driver. Install it, and then you can print from any application to a PDF. In the past, I’ve used one call PrimoPDF. It use to be free and I assume it still is.

Hi Rick,

I’ve tried everywhere on your site, I can’t seem to get the information, I have a loan @

191,725 principle

4.5 % interest

Started April 2012

First Payment June 2012

We have been over paying bi monthly and amount of $1052.18 versus a bi-monthly payment that should have been 606.47

What I am trying to do…and it is frustrating as can be…is see when this will pay off and a copy of an amortization schedule from the start.

versus

me going in and refinancing at 165k at 2.75% still paying $1052.18 twice a month and comparing when it pays off.

I am a real estate broker of 40 years, and used to have to use the Elwood Tables, but now with bi-monthly payments, and with a higher principle reduction…I don’t have a clue

is this something I can do on your site?

Thanks

Greg K. Loggins

p.s. I used to think I knew it all….

Sorry Rick I meant semi-monthly payments

I’m having a bit of difficulty understanding what the exact question is. If you want to know when a biweekly loan will be paid off given the following inputs: 191,725, 4.5% interest with an actual payment amount of 1052.18, you can do it with this calculator. Enter those numbers plus the loan date, say April 1, 2012 and the first payment date, say June 1, 2012 and set the payment frequency to biweekly and the compounding to the same (unless you believe it to be something different. Enter a 0 (zero) for “Payments (#)”. And then click the calc button or print preview button. The schedule will show you when you can expect the loan to reach a 0.00 balance.

Does this help?

Hi Karl

I would like to use a calculator on a website that is being developed for me, a ‘plug in’ I think this is what it is called.

Am I allowed to use yours, is there a fee, is there associated advertising or links to websites that I must include?

Is there an number that I can call you on to discuss?

Regards

Ally

Cool. I’ll have both plugins for WordPress and widgets for plain HTML/CSS pages. The first one, based on the loan calculator should be available by Monday.

There will be no charge and there is no embedded advertising. The website hosting the calculator will also be able to re-brand it to say, for example “Ally’s Loan Calculator”.

Is your site a WordPress site?

Hi Karl,

Is it possible to run an amortization schedule with fixed principal payment?

Loan $90,000

Interest 11.4%

Term 72 months

Fixed principal payment $ 1,250

Loan date 10/19/2016

First payment due 11/21/2016

I meant an amortization schedule that allows me to also input the loan date and first payment due date in one schedule?

Hi Cheata, yes. You can use this amortization schedule for that. Under “Amortization Method”, select “Fixed Principal”. However, it’s not clear to me if the $1,250 payment you specified is the principal only or the principal and interest payment. The P&I payment amount will decrease as payment are made.

Hi Karl,

Im using this for our office. Can I convert the spreadsheet to excel file?

And thanks for this site. Absolutely useful. ðŸ™‚

Cheers!

Clavel

Hi Clavel, the ability to copy a schedule to Excel is coming soon, I hope. The feature has been rolled out to one calculator so far. If you would like to give it a try, please see the Loan Calculator. It too can create an amortization schedule. After solving for the unknown, click on the print preview and then you can select all the schedule in the preview and copy/paste to Excel.

Karll I am beginning year 26 of my 30 year mortgage and instead of getting a new mortgage I would like to know if I reduce the principal by 5K plus add an extra $134.00 per month to my payment when would i pay off this loan.

Not sure how to enter the original loan amount (for 30 years) and find out when it will be paid off.

Any ideas?

have tired the extra payment calculator.

Hi Carol – I think you should approach the calculation this way – depending on how accurate you want it to be, you could find out the loan balance as of “today” or just go to the last statement and get the balance of the loan after the last payment is made (the difference between that balance and the balance “today” is the accrued interest).

Anyway, one you have the balance deduct the $5,000 from it and enter that new amount into the Amortization Schedule as the loan amount. Enter the 0 for the number of payments and your annual interest rate. For the payment amount, enter the amount you are paying plus the extra $134 you plan to pay. So, if you payment has normally been $450 enter $584. Enter “today’s date” for the loan date and the date of your next payments. Click “Calc” or “Print Preview”.

The calculator will calculate a schedule showing you when the loan will be paid off.

Hope this helps.