Amortization Chart & Printable Schedule

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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.

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! :)

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.

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.

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?