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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...»

Will making small, extra payments save me money?
Our Extra Payment Calculator will create an amortization table and show you the interest saved.
Will paying half the monthly payment every other week save interest charges?
Check out our Biweekly Loan Calculator to find out.
Buying or selling real estate?
Our unique Mortgage Payment Calculator is an amortization calculator that will calculate two of six unknowns including down payment.
Enter a "0" (zero) for one unknown value above.
No/Yr Date Payment Interest Principal Balance
$ : mm/dd/yyyy
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Related: 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.

What is amortization? According to, "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 time value of money 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!

Do You Have 20 Seconds?
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! :)

136 thoughts on “amortization-schedule

    • Thanks for your comment John. Currently, this amortization schedule (and site) is in test mode. If you care to elaborate about what it is you don’t like, I’ll see what adjustments can be made.

      • Karl:

        The Date/Month are not working correctly…When will this site be up and running again?

        Thank you

        Bill T.

        • Not working in what way? To the best of my knowledge the dates are working correctly as designed. Once I made a maintenance release on March 20th, no one has raised an issue about dates. But, if you can tell me in a more specific way, perhaps give me the steps you take that cause a problem, I’ll certainly take a look and try to fix any problems.

          • The monthly interest looks like it is being subtracted from the principal balance.

          • Do you have an example? Perhaps there is a one off case where something is wrong, but I can assure you, it does not happen in all cases. If you provide an example, I’ll check it. Please make sure you state how all options are set, particularly the amortization method. FYI: the way the calculation works is, the interest is added to the prior period’s balance then the payment is subtracted. The amount of the payment greater than the interest amount is used to reduce loan principal.

          • Look at the current example above. I started with a loan amount of 59,900, payments set at $508.00 per month for 84 months with a balloon payment after seven years. It applied the th interest column of $358.25 against the 59.900 leaving ng a balance of $59,541.75 after the first payment.

          • I’m not able to duplicate your results. What interest rate are you using? Also, what is the loan date and 1st payment date?

          • Thank you for the additional detail about the interest rate @ 3.0%. Taking the default dates, I can now exactly match the numbers you sent earlier. There is only one problem, I see the $358.25 under the principal column, not the interest column. The interest is $149.75, which is correct. Here is the interest formula: 59900*(0.03/12) = 149.75.

            I see you replied via the iPhone. Are you using the schedule on the iPhone? I’m using a desktop computer. Perhaps on the smaller screen, the columns in the schedule do not align correctly? I’ll have to check that a little later. (Use the phone in horizontal layout for best results.)

      • Is there any way to calculate the payment on a 30 year amortization with a balloon in 5 years? I couldn’t see any way to do that. Thank you.

        • Yup, sure is. In fact, there are several options.

          1. First, calculate the schedule to get the payment amount if you don’t already know it. Then, assuming monthly payments, set the number of payments to 60. Click the print preview and you’ll have a schedule with the balloon.

          2. If you don’t want to bother with the dates, and want to have more unknown options to calculate, then you can use this balloon payment calculator.

          3. And if you want to go all the way in terms of flexibility, use the Time Value of Money calculator. Scroll down the page and see tutorials 7 and 8 dealing with balloons.

      • I assume you mean on the print preview? In the above schedule, the rows should be alternating color. We can probably shade every other row in the preview mode.

      • Not sure how far back you need to go, but there should be no problems with creating an amortization schedule that has an initial loan date as far back as Jan 1, 1980.

        Or do you not find that to be the case?

        How far back do you need to go?

        • I deal with ancient mortgages to see if they are out by time as per their state statutes…I need a calculator that goes back to at least 1950.

          • As designed, the earliest date the calculator accepts is Jan. 1, 1970. At this time, there are no plans to support dates earlier than this.

      • Turns out there was a bug that if you tried to set the date by typing number and using the numeric keypad, the numeric keypad would not work for dates. Very strange but it now works.

        If you mean setting older dates, this calculator has now been tested back to loans with a start date as early and Jan. 1, 1970.

        Please let me know if you find this not to be the case.

        • I had to use the calendar feature to get a prior year. When I typed in the date it would change to the current year. Not a big deal but I had to redo my first schedule, this was for a client. Otherwise, I think the calculator works great.

          • Thanks for letting me know, but I’m not able to duplicate the date problem. A couple of questions. Are you using a MM/DD/YYYY format? (Perhaps the other formats are not working correctly?)

            Also, do you recall if when you were tying the date, was the calendar open? If that’s the case, the calendar may have overwritten what you typed.

            If you can duplicate the problem and tell me how to do it, it can be fixed.



    (Sorry bout the all caps!)

    • Hi Jeanine, thanks for the comments.

      About the printout. My guess is you are using Internet Explorer? The browsers are not consistent with the way they handle printing. This sites default browser is Google’s Chrome. That means, when browsers handle a task differently, we default t what is best for Chrome (there are not many such issues). The printout is fine in Chrome but not in IE.

      I’ll email you a PDF of a schedule created with Chrome for you to check.’

      The problem is, if we make the print bigger in IE, it will be too big in Chrome. At some point, I’ll try to fine tune this though by creating independent printing routines for different browsers.

      As to the suggestion about capturing a name or having a custom header, I’ve thought about that. It won’t make it before this page goes fully live, but it will probably be added in a future enhancement.

      • Thanks, Karl. Did you send the email yet? I haven’t come across it yet. I am using IE, but I will try the Chrome to see if that works better.

  2. I like this one- easy to read. The old one didn’t seem to work with the bi-monthly calculator, it would get hung up. This one calculates very nicely, and is quite a bit faster. A thumbs up from me on this (I haven’t done a whole lot yet, but that is what I typically use the other calculator for mainly). We do offer the bi-monthly payment plans and I love being able to tell my clients how much they can expect in savings by making payments that way- a huge thank you for having this available.

  3. Yes…This version is not reading the input correction…I’ve got a Loan that started in 1978 and the calculations start from 04/01/2016….I like the Old Version Better.

    • Thank you for your comment, but I don’t think I understand. Are you saying you can’t enter a loan date or first payment date before 2016?

      That’s not the case, or at least it’s not designed to be that way.

      Please note:

      1. A user does not have to use the calendar. Just type the numbers, not even the separators. So, if the date format is mm/dd/yyyy, the user would type, for today: 03022016.

      2. Perhaps even better, if you want to use the calendar and the date is a few years back, click on the month at the top, this lists the months and the year then is at the top. Click on the year, you’ll see years where dates normally are. Then 1. Pick a year, 2. pick the month, 3. pick the date/day. (Be sure to click on each to explicitly set the date.)

      But I see what you mean. I just created a loan table with a start date Feb. 1, 1981. However, the earliest date supported is Jan. 1, 1980 — more than 30 years ago. I believe the thinking was at the time it’s better to allow for a greater date range in the future and that supporting start dates more than 35 years ago would not be necessary.

      If there seems to be a need to support loans starting prior to 1980, we can revisit this design issue and possibly adjust the range.

    • When I first wrote, I was thinking that the earliest date the calculator was designed to accept was Jan. 1, 1980. That was an error. The earliest date it is design to accept for a loan date is Jan. 1, 1970. There was a problem with the entry.

      I believe it now works correctly. Please let me know if you find otherwise.

  4. I like the old one. I like to see the amortization table displayed in one sheet, so that I can copy the whole thing into excel.

    • Cliff, you can see the entire amortization table in one sheet by using the “print preview” feature. However, I’ve just tried that, and it does not copy to Excel very well.

      It would be possible to go to the older layout where the table is continuously scrollable and not on multiple pages. If more users want it that way, I’ll have the change made.

      Can you tell me how you use the schedule in Excel? Just wondering. I never thought about that. (Though our C-Value! program export directly to Excel and it gives you a lot of formatting options.)

      • I also like to export it to Excel. Could there not to be the option added to the current view that would allow to view the whole table on one page. This way ‘everybody’ is happy. Alternatively add the option for a CSV export.

        • Thanks for your “vote” for a feature. Such comments help me to know how to allocate my time. The issue is somewhat complex. First, I have to learn how to write code to enable the feature. 🙂 That in itself may (or may not) be time consuming. I’m also thinking about saving the feature for a possible subscription version of the calculators. (Not sure if that will ever happen.) Depending on cost and quality of features of course, would you pay a quarterly subscription for it?

          >>>> Could there not to be the option added to the current view that would allow to view the whole table on one page.

          Are you asking for an option to view the schedule on one page? This feature is already available. Please click on “Print Preview”. “Print Preview” also serves as a “Calc” button.

  5. Hi Karl,

    I would like to request an excel spreadsheet export option. I use this site to show amortization on our fleet of financed vehicles and would like to be able to transfer all the information where I can use functions with our accounting software.

    Keep up the good work!

    • Thank you. Glad you find it useful.

      I have no objection to trying to add an export feature to our amortization table. However, there are a number of other calculators that I want to get posted on this site before we go back and ad new features to existing calculators.

      However, we do have your problem solved. (This is where the shameless plug comes in.)

      C-Value! can create a schedule as well as export directly to Excel.

      If you are on a Windows platform, perhaps you will consider it as a solution. It costs all of $19.95 (currently).

      End of plug.

  6. Hi,
    Although this one is easy to read, there are 2 drawbacks:

    1- as Cliff said above, the table doesn’t display in 1 page, making it hard to copy & paste into excel. Now, you need to do it page by page – very tedious when you have 15 pages and more

    2- we can’t choose a different period for the compounding e.g. if Payment Frequency = bi-weekly, then Compounding has to be the same. How come we can’t choose a monthly compounding as most lenders compound interest monthly even when payment is bi-weekly or weekly.

    Thank you for being open to comments and improvements

    • Interesting how many times the ability to move the data to Excel has come up. I had no idea. The reason there are multiple page is to make the calculator (marginally) faster. The first page can be calculated and shown to the user while the subsequent pages are being calculated and laid out.

      I’ll look into reverting back to one page however. The other possibility is to make the print preview work in a way that allows copying to Excel and retain the row / column formatting. Currently, everything ends up in one column if you were to try that.

      As to the calculation change. Again, who knew? But I’m curious, are such loans available from commercial lenders in the US? Or private lenders or commercial lenders from a different jurisdiction?

      Whichever, this change will take a while due to testing.

      Thanks a lot for your insights!

    • I will echo some of the comments above regarding the compounding issue.
      Using this form before it was updated allowed us to set biweekly payments with a monthly compounding – now I cannot.
      Also, switching to Canadian amortization payment frequency always reverts to monthly where I am looking for biweekly.
      This schedule now is inaccurate and I cannot use it until it is fixed/reverted back to how it was before the update.

      Thank you for allowing us to offer feedback.

      • This is valuable feedback. Thank you for taking the time to provide it. You are perhaps the 4th person to mention this. I’m going to reconsider this feature and probably add it back in the not too distant future.

        I’m curious about one thing. In your case, the loan with biweekly payments and monthly compounding, is that a private loan? Or is there a commercial lender somewhere that is actually lending money with these terms?

      • Joanne, I will take the opportunity to make a shameless plug. The SolveIT! program for Windows amortization schedule does support weekly payments and monthly compounding. If you are using a Windows computer it might be a solution for you for now.

        Current cost, $24.95. Has 44 calculators.

      • Joanne, an update was released yesterday that will now allow you to set biweekly payments with monthly compounding (or any other combination). Please let me know if you find any other issues. Thanks.

  7. I am a trial attorney and I create these for my accounting expert witnesses to use at trial in (big) business litigation. Certain changes in the current test mode version render it useless for trial purposes because to be useful the calculator must be able to reflect what actually happened in the case and in some cases it can no longer do so. E.g., I have a case going to trial June 6 in which the note says payments were monthly, my client actually made payments semi-monthly, and the creditor actually utilized interest compounded weekly. The previous on-line calculator let me use payments twice monthly and weekly interest compounding and the current version does not, which means I no longer can use it to prove just how much the creditor stiffed my client with his unlawful approach to interest calculation Can you help?

    • Thank you for letting me know how you use the calculator. You are the second individual you has requested the ability to set compounding using different basis from the payment frequency.

      Currently the calculator will allow monthly compounding and quarterly payments, for example. Both are month based periods. As you discovered it will not allow weekly compounding and semiannual payments (week based vs month based). About a 1,000 people have been using this calculator per day since it has been released. I’ll see how much of a demand there is for having the increased flexibility.

      In the mean time, allow me to plug one of our products.

      SolveIT! ‘s amortization schedule will support the calculation you need. It is a collection of 44 calculators. Cost, $24.95.

    • An update was released that will now allow you to set twice monthly payments and weekly compounding, or any combination of payment frequency and compounding for that matter. Please make sure you colleagues know about these calculators. Hope you win your case!

  8. Hi there,

    The look and feel is nice.

    But mortgages can have weekly payments and semi annual compounding and this module doesn’t allow for this. Although the difference is small – the result is inaccurate.

    I wouls also appreciate being to do all types of calculations on the Canadian method as clients are buying up there and I’m trying to support them 🙂


    • Thank you for the compliment.

      “But mortgages can have weekly payments and semi annual compounding and this module doesn’t allow for this. ”

      Oh, but actually it does!

      See under “Amortization Method”, there is a Canadian option. Select that, and after you click on the “Calc” button, the compounding method will change to semiannually. Yeah, it would be better if it updated after you change to “Canadian”. I’ll add it to the list. Nonetheless, the calculation and schedule is using monthly payment and semiannual compounding.

      “I wouls also appreciate being to do all types of calculations on the Canadian method ”

      Admittedly , I’m weak on this. What other type of calculations are their for the Canadian Method? Or are you talking about say calculating an unknown term or rate when the method is Canadian.

    • An update was just released that will now allow the user to set any combination of payment and compounding frequency. So you should have no problem supporting the Canadian methods. Please let me know if you see otherwise.

  9. This new calculator is horrible. The older version was a lot more versatile and flexible. I can’t run any quotes now. I used to use this site all the time. Now I will be moving to another one.

    • Tina, thank you for your follow-up email with the additional details. An update was released that now allows you to have biweekly payments and semiannual compounding (or any combination that you need). Please let me know if you have any other difficulties.

  10. Would be nice to be able to enter in the loan date and first payment date instead of having to click on the calendar and navigate to the date that way. That part is frustrating. Otherwise everything seems to work fine.

    • Matt,

      Thanks for the comment. I’m curious about something. Did you notice that you can click on the current month at the top of the calendar which shows a list of months and then the year at the top. And then if you click on the year, you get a list of years?

      Also, you don’t need to use the calendar. You can type 8 numbers to enter a date. Don’t type the date part separator either. The computer enters that. For today’s date using the mm/dd/yyyy convention, you would type, of course, 03182016

      I ask this because if you were aware of these options at the time, then that puts a different perspective on your comment for me.

      NOTE: a user just pointed out this morning that it’s not possible to set the date using the numbers on the numeric keypad. Please use the numbers above the letters on the keyboard. This is a bug of course and I hope to have it fixed very shortly.

  11. This is my preferred amortization calculator on the internet. The new format is nice. However, I’m having a lot of difficulty with the Print Preview and getting a report to print with an easy to read amortization.

    I keep getting a box in the middle of the page that is approximately 3″w x 6″h and I am unable to read all of the information. It is not an amortization report.

    Glad to see that the changes are still in development. This function still needs a little work.

    Thanks for asking for our input!

    • And thanks for letting me know. I expect to release another update early next week.

      One thing, I would be interested in knowing what browser you are using and is this problem on a desktop computer. (This issue has not been raised yet.)

      If you happen to have Chrome installed, it should give better results until this can be fixed.

  12. Is there a way to allow a 0% interest and have the calculator still compute payment? I’m getting a diagnostic with too many unknown variables. What is the interest rate variable is 0%?

    • Great question. I need to think of a way to make this more obvious.

      Under Amortization Method please select the No Interest option. You’ll still need to enter a rate that is not 0 if you want to calculate the payment, but after you make this selection, that rate is not used.

      If you are printing the schedule out and it’s odd to show 0 interest amounts with a none 0 rate, simply set the rate to 0 once the payment is calculated and click the “calc” button a second time.

    • Just want to mention that the bug is fixed that required a second click of the “Calc” button to show the 0% interest rate. Now when you enter 0.0% and have amortization method set to “no interest”, you’ll be able to also solve for any of the other 3 variables – amount of loan, term or payment amount. Thanks for letting me know about this.

  13. Amazing Loan Calculator!
    Has helped me big time!
    Very clear and very easy to understand;
    and having the yearly totals and the running totals are great!
    Keep up the good work and thanks a million for helping all of us…

    • Thank you. It’s particularly helpful to know what people personally find useful. That way, I’m sure to leave features in. Guess I had better not try to “tighten up” the printed report by taking out one of the total rows!

  14. I’ve tried running an amortization schedule with bi-weekly payments and with monthly payments (all other terms the same), yet the payment amounts were the same in both cases. How can it be that more payments would be made (bi-weekly), during the term, but at the same amount payments would be made monthly, with fewer payments during the term? Additionally, I’ve run the exact same terms twice and have gotten different payment results. Please advise.

    • Must be a glitch…It seems to be calculating payments correctly, but on the sixth try…Great tool, if it can be made more reliable.

      • Of course the calculator should not behave this way. I’m not able to duplicate this problem however and as you noted, you did get the right answer.

        I would make 2 points here:

        1. Make sure you’ve always set one of the 4 top most inputs to “0” before clicking the “Calc” button. And, please make sure before hitting the “Calc” button that you tab off of the last input you changed (or click off it). This assures that your browser has registered your change.

        2. The calculator is designed so if there are no unknown values (none are set to “0”) that it will use the input values a user has entered and create a schedule with those. Basically what it is doing is calculating the interest due for each period using the terms of loan as entered.

        If you should happen to detect a pattern where you think the calculator is not working, please let me know and it will be quickly fixed.

  15. This is great – just one issue I’m having: if I set weekly and Canadian then click Calc, it reverts to monthly.

    • You are correct. That is by design. The Canadian amortization under amortization methods forces the calculator to use monthly payments with semiannual compounding.

      However, you can leave the amortization method set to normal and select weekly payments and semiannual compounding. A change to was made this week to allow that.

  16. I prepared an am schedule on March 30, 2016 and used it for an exhibit for a proposed agreement. I needed to reprint the same schedule today to use as a clean exhibit due to some changes in the agreement, and the schedule calculations are different. All fields are the same — and I chose the normal amortization method both times. Any explanation?

    By the way, I love your online calculators– I have found them easy to use, and have never had a question about the actual calculations in the past. I hope I can continue to trust the results of these calculators!

    • There have been no changes to the calculators that would explain two different results. If you can send me the original schedule, I’ll look at the details. Question, could the details about the loan have been the same (amount, rate, payment, etc), but the loan date and first payment date changed? If that’s the case, that could cause the schedule to be different.

  17. Thank you Karl for this amortization schedule. The calculated payment was just a penny higher than what the loan papers said it would be. And that sir is close enough for my purposes! Thanks again.

    • You’re welcome. Glad it was useful. I’ll point out that you can create an amortization schedule using the payment amount the lender is using. You are able to enter a known loan amount, number of payments, rate and payment amount and click ‘Calc’ or ‘Print Preview’. The important number to check is the amount of interest charged when each payment is due.

  18. Is there a way to change the year convention? Seems like this is based on a 360 day convention and I’d like to be able to also use a 365 day convention.

  19. I have used this wonderful AM schedule MANY times with great results. Today, I went in to check a balance I’d obtained sometime over the last week or so and it’s NOT WORKING! Says something about ‘infinite’ calculation??? I did get a D in math so I’m no pro but I’ve double checked my information and it still does not work. Kinda frustrated!
    Can u help me if I give you the details of the amounts/dates etc? Anxiously await your reply. Thank you!

    • What are you solving for? It sounds a if you are trying to solve for term. You’ll get a message about an infinite calculation if, when solving for the number of periods, the payment amount is not large enough to cover the interest due.

      If this doesn’t help, then please give me all the exact inputs and setting that you are using, and I’ll take a look.

    • Thanks for these details via email:

      Loan Amount: $33,000.00
      Payments (have always left blank and it automatically populates when calc pressed)
      Annual Int Rate: 3.25%
      Payment Amount: $157.76
      Loan Date: September 2, 2011
      First Payment Due Date: September 2, 2011
      Payment Frequency: Bi-monthly
      Compounding: Daily
      Points: (I leave this blank. Not applicable)
      Amortization Method: Normal

      The message you get:

      “Infinite term, growing balance” could be a little more clear, but what it means is the payment amount is not enough to cover the interest. Therefore the balance is growing and therefore there is no set term.

      I’m doing this in my head, but 1 year of interest on 33,000 @ 3.25 is about $1,100 which is about $180 every 2 months (bi monthly, did you mean bi weekly ?) The $157.00 payment needs to be greater than $180 (approximate) if you are going to solve for term

      You can also supply the number for term and the amortization schedule will show you the balloon at the term specified.

    • Yes. There are several options, depending on exactly what you need.

      a. If you want the calculator to calculate the balloon, then you can use this amortization schedule. Enter the loan amount, rate, the number of periods (i.e. when the balloon is due) and the normal payment amount. The calculator will show the balloon (if there is one) as the final payment.

      b. If you want to specify what the balloon payment amount will be and have the calculator calculate the periodic payment required to get you to the specific balloon, then you can use this Balloon Payment Calculator as long as you can accept the default dates.

      c. If you want absolute complete control, including over dates due, then use the Time Value of Money calculator.

      And see these tutorials:

      7. calculate the balloon amount

      8. calculate the regular payment amount that results in specific balloon.

      This should cover all the bases. If not, let me know.

  20. I am so happy I found this calculator that figures actual number of days to first payment!!!

    However it appears that the payments do not cross foot and add up to the total of payments. Only .01 off but does mess up a disclosure.

    My scenario:
    Amount Financed: 12960
    Rate 7.44
    Term 72
    Date of Loan 5/20/16
    First Payment 6/20/16

    Total of Payments = 16,106.72
    71 @ 223.70 1 @ 224.01 = 16,106.71…

    Maybe a formula error on last payment?

    • I understand what you mean. Crazy that it’s 0.01 off for the total like that. Notice however, if you add the interest and the principal for the last payment, they total 224.01. So, doing it that way, the payment ties out. What’s happening is, I must be missing a rounding step somewhere. I’ll track it down and let you know when it is fixed.

      Thank you for taking the time to report this and the specific example is very useful.

      Glad you find the ability to set a first payment date useful.

    • The rounding error has been fixed. Again, thank you for bringing it to my attention.

      One thing, if you try it, and you still do not see it as being fixed, this is because your browser is still using the old programming code. What you have to do in that case is force a page reload (or a hard “refresh”). If you are using a Windows PC, you would press Ctrl-5. Sorry, but I’m not sure how this would be done on a Mac.


      • As I mentioned in my email to you, it is not possible to revert back to the prior version. This new version offers too many enhancements that users have requested (works on mobile devices & tablets and there’s support for international currency and date conventions).

        The real solution is not to revert back, but for me to fix anything that is broken. As of now though, based on the details you’ve provided so far, I’m not able to tell what the problem is that you are having. Please provide me with all of the exact inputs you are using so that I can duplicate and fix.


  21. Thank you for the use of this tool!

    I was about to print out the payments schedule for my calculation when I noticed that the first payment was not the amount I had set for each payment, which would create a late payment scenario and of course, creates a higher interest amount to be paid.

    The first payment was set for 8 days after the loan date (More because with compounding daily, this is the most recent full payoff amount I have for the loan.) but the payment periods are set to biweekly. I think I understand the note about the interest being calculated differently, but that understanding doesn’t account for why the first payment would be lower than stated.

    Is this intentional? Is it asking a lot to change the code to allow an odd payment at the end rather than the beginning of the loan?

    Thanks again for providing this tool. (I can always get a payoff amount on the next payment date and go from there.)

    • You’re welcome.

      If I understand you correctly, this makes perfect sense. The loan payments and compounding are both biweekly, i.e. 14 day periods. But it is only 8 days between the loan date and the first payment date. Is that correct? If so, then we have what we call a “short initial period”. The reason why the first payment is less is because with a short period, the interest due is going to be less than for a “full regular period”. Since less interest, then there will be a lower payment amount due.

      There are other options on this site however. The Time Value of Money calculator gives the user options for how long and short periods are handled. One such option is to NOT reduce the first payment when there is a short initial period. (Then the final payment will be lower than the normal payment.)

      If you are interested in learning about all the options, please see this Odd first period tutorial and how you have more control with the above TVM calculator.

      Also, it sounds as if you are trying to get a loan payoff amount? If that is the case, you may want to take a look at this loan payoff tutorial.

      If you try the calculator, please let me know how you made out. Or if you have any questions about it, there’s a comment area at the bottom of its page.

  22. Excellent!

    Thank you for providing a FREE, easy-to-use mortgage loan calculator that prints a nice-looking payment schedule.

    I was able to get on line, do what I needed for my client, and DONE.

    • Happy to hear that the calculator is working as you expected. You’re right, there were some fixes made a couple months back.

    • Saving to a PDF is a function of your browser or pc environment. I can speak for Chrome. Click on the menu and select print. Change the destination to PDF. Then print and it will ask you where you want to save the PDF. I’m not sure what other browsers have PDF printing built in.

      If your browser doesn’t, you can search for a PDF print driver and install it. In the past, I’ve used a few, including CutePDF. (Can’t say if this will work on a Mac.)

      Hope this helps.

  23. Hello, I cannot get the amounts to match from my auto loan contract.
    I financed $13,380.97 for 48 months @ 6.75% APR. The first payment was due 8/28/15 for $318.87. The interest calculated on your site is $1874.72.
    The interest calculated from my bank is $1924.79. I know it is around $50.00 but I like exact figures. Thanks in advance, Ed

    • There are a few more important details needed. What was the day the monies were lent? I would imagine this is the day you took delivery of the car. Also, do you know how the compounding is handled? Or the days per year. For example, if I used 7/28/2015 for the loan date and exact/simple compounding and set days per year to 265, the total interest is $1929.98. If the loan date is 07/29/2015, then the interest totals $1926.37 assuming the same inputs.

      Still not exactly what you need, but much closer.

      (Please do not reply to the email you’ll receive. If you have a follow-up. Please go back to the original comment and any replies and add you question or comment to the last reply. This way, everyone can participate. And I might save some typing later. 🙂 Thank you.)

  24. What formula are you using to get PMT if you have monthly payment frequency but daily compounding (for a 10 year loan)? I am getting within 10 cents but still off? I’m using Excel to derive my payment calculation and using the formula of ((1+r/365)^(365/12))-1 for the interest rate, using 10*12 for the nper (# of periods) and the PV=the PV.

    • Hi, I appreciate the question, but questions about the equations are not something that I’m going to be able to answer on the site. For one thing, I make my living as a consultant, and the programming code is my intellectual capital. But from a practical point of view, the code isn’t put together in such a way as just to pull out an equation. For example, the code handles adjustable rates, skipped payments, irregular payments, fixed principal and unknown payment amounts in the middle of the cash flow, just to name some of the features. These all impact how the code is written and why there is just not a formula for payment calculation.

      I’m always happy to answer questions about the use, just not about the how.

  25. I really like this amortization calculator. It is fast and flexible and gives me everything I need. It has been very useful to me. The fact that it is free is very much appreciated.

    Keep up the great work, and thanks again!

  26. Your calculator is a very helpful tool. Thanks you for developing it. I have one question. I used the tool to develop an amortization schedule for an interest only loan, with a balloon payment at the completion of the loan. The loan originated on 7/1/15 and interest began accruing then. The first accrued interest payment is due 9/1/2016, with the final interest and principal to be paid on 9/1/2019.

    When I fill in all known fields, the first payment calculated in the amortization schedule is for 7/1/15. I figured the first interest payment would be calculated for 9/1/2016, not 7/1/2015. Why is the first payment scheduled as 7/1/2015, not 9/1/2016? The details are below. Thanks.

    Amount: $10,000, Payment #: 36, Interest: 2%, Loan Date: 7/1/15, 1st Payment Date: 9/1/16, Freq: Monthly, Simple/Exact, Interest Only, 360-day

    • Thank you for the nice words. I’m glad it is useful.

      The answer to your question is straight forward, but not necessarily obvious. Since the monies are lent on July 1 and the first payment is on Sept. 1 (2 months) with a monthly payment frequency we have an “initial long period” – that is, it is longer than the frequency of the scheduled payments. This calculator shows the accrued interest for the extra time as prepaid interest and prepaid interest is collected or accounted for on the origination date of the loan.

      Need something different? No problem, the Time Value of Money Calculator gives the user the option for setting how the odd day interest is collected. If you decide to check it out, scroll down the page and follow the link for tutorial #13 “Odd Length First Period”. It is there that the options available are explained.

      I see I misread your question and that the loan date is 07/01/2015 not 2016. So the long period is 1 year and 1 month, not 1 month has I had indicated.

  27. Very nice amortization table. Is there one that re-calculates when there additional principal payments. Thank you.

    • Thank you. And yes there is. Please use the Time Value of Money calculator.

      If you try it, scroll down the page. There are a number of tutorials. #9 is about random extra payments. #10 is about a series of extra payments. Also #25 is about loan payoff and tracking payments as they are made. Perhaps these will be helpful.

  28. Yours is more versatile. Other calculators may not give you a choice between annual vs monthly payment, and also may not allow a first payment as being a fraction of a year instead of a whole year.

  29. I really like the calculator… very flexible. EXCEPT…

    Since changing the date and currency format empties all the information from the page, the option to do so should be at the TOP of the calculator, not the bottom… because by the time you read it you’ve already entered your information and have to start over.

  30. This Payment schedule works very well for me as owner finance, others that have been financed in the past, do not have this detail and it it very clear to see. Was able to select payment to calculate .
    Thank you

  31. Thanks for a great tool. I searched for quite a while for a calculator that allowed for 3 out of 4 inputs and that was printable.

    I’m using it to provide a schedule to a friend to whom I made personal loan. The one thing that would be really helpful would be if in addition to printing the schedule, if I could save it as a PDF. Please consider adding that feature.

    Thanks again.

    Peace and Love – Bill

    • Thank you for the comment Bill. Actually, I am thinking about adding PDF capability (have to learn how to do it first).

      In the mean time though, if you are open to using Chrome, it will print to PDF. That’s a built in option under “print” where you select the printer. I use it frequently for testing.

  32. Hi Karl,

    I’m interested in working with a HELOC to pay off a particular debt. I want to use the “accelerated mortgage” technique where you open up a HELOC and deposit your paychecks into it to keep the balance up and thus the calculating interest at a minimum, then I would make periodic payments (maybe weekly in my case – unless monthly would be better). I basically want to try to figure out if I really can pay this off in five years or so.

    So the calculator would need to calculate my daily fluctuating balance. Does this makes sense?

    My loan amount is 93,600 and the variable rate is 3.09%. I get paid weekly and hope to add between $800 and $1600 payments in addition to the minimum interest-only payment.

    Since the rate is variable and we don’t know how long it will stay at 3.09% or if it will go up (or down) in time or when. Would it be possible to come up with a spreadsheet where I can point and click to an area to change the interest as needed, and also to change the payments as I go. Also, I’m not sure if my interest is compounded daily or monthly or what?

    Am I asking too much?


    • Hi MG, no you aren’t asking too much. You’ll need to use a different calculator however. Please checkout this Time Value of Money Calculator

      Scroll down the page and you’ll find several tutorials which will apply to what you want to do. These are particularly applicable:

      9. Random Extra Principal Payment ◦How to prepay principal on any date

      10. Loan with Series of Extra Principal Payments ◦How to calculate loan or mortgage with extra payments

      Basically, I guess you want to know how long it will take you to pay off the loan. You can answer this question by keeping it simple. You won’t need to worry about the interest only payments since those are minimum. You can just enter the amount you want to pay each week and solve for the term. (You can use this calculator to do that).

      Anyway, if you check out the TVM calculator and have questions, just ask.

      • Thanks so much for your quick reply! I will check it out now. And thanks also for sharing your mathematical wisdom! 🙂


    • 365 1/4 is not supported. Is this for a commercially available loan? Or is this for private lending? I’ve never come across a bank, credit union or other lender that based interest calculations on 365 1/4 day per year. I would be interested to see how it’s done and if it’s used by commercial lenders, I would consider adding support for the feature.

  33. Question: If you select twice a month on a 15 year loan do you enter 180 payments or 360? I am being told there is a saving to doing twice a month.

    • If the term is 15 years, and the payments are made twice a month, then you should enter 360 payments. Any other value would not be a 15 year loan.

      What I think you are referring to however is a biweekly loan. If a loan has a 15 year term with monthly payments, the borrower makes 180 payments. If they select a biweekly payment option AND the biweekly payment (payment every other week) is 1/2 the monthly payment, then the borrower will save interest charges.

      Please see the biweekly payment calculator to see how this works. The schedule will show the two loans (monthly vs. biweekly) compared to each other.

      Feel free to ask any questions you might have about the calculation on that calculator’s page.

      • Just looking to see the benefit on a 15 year loan doing twice monthly. I see no benefit using your site.

        15 year, 180 monthly vs 15 year 360 twice a month.

        I know about bi-weekly not looking for that info.

        • In that case, to your original question, you should enter 360 for the number of periods for a 15 year, twice monthly loan.

          I ran one quick example, and for a $100,000 loan, 5% for 15 years, the twice monthly payment frequency will save about $100 in interest charges over the life of the loan. Hardly worth the effort needed to make double the number of payments.

          By the way, my test assumes that for the twice monthly the loan is on the 1st of the month and the 1st payment is on the 16th of the month and they the 1st and 16th thereafter. It seems as if the interest savings happens due to payments starting 2 weeks earlier than they do with monthly payments. That is, 2 weeks of interest on the full principal amount is saved up front.

          Thanks for your question and for posting the follow-up here.

    • Not at this time. There have been a few requests for this feature, and perhaps I’ll add it. Doubt if it will make it in until Q1, 2017 however.

      If the term of the loan is not particularly long or if you are really patient, it is possible to copy/paste the schedule from the area below the inputs into Excel. The problem is, you would have to do a page at a time.

      The C-Value program for Windows includes an export to Excel feature as well as a save to disk. $19.95.

      One question, if export to Excel were implemented for this calculator, I assume it would be the values you need, and not the formulas, correct?

  34. Great program, a lot of work was put in it, tried to put the date in wrong but a window popup told me how to do it . Lots of bank and credit card sites don’t do that.
    I had a loan that I was making biweekly payment on but they were more than the monthly payment amount and I had been doing that for six months now. This was the only program I could get to give me an answer to tell me how much I would shorten my loan by. Of course it has to be trial and error to get it but you allow me to put in length to get to the answer.
    Thanks for the help

    • You’re welcome. I’m not quite sure why there is a trial and error aspect to the calculation. If you ever need to do more analysis, you might want to look at this Time Value of Money Calculator. It is more flexible as it lets you adjust amounts, dates and frequencies within the payment stream. Perhaps it will give you an answer straight away?

  35. I have a loan with a term of 84 months based on 15 year amortization. I need a maturity date field. Otherwise if I put 180 months in it assumes my loan matures in 2031; it matures in 2023.

    • There are several ways this can be handled. If you don’t mind doing 2 calculations, you can use this amortization schedule.

      First calculate your payment amount assuming the 15 year – 180 month – amortization. Then, when the payment is calculated, set the number of periods to 84. That is, there will be no unknown value at this point. Click on the calc button or print preview to calculate and show the schedule.

      (If a user provides all the inputs, the calculator uses those inputs to create the schedule.)

      If this isn’t what you need, let me know and I’ll come up with something else.

  36. I am trying to run an amortizations schedule with “odd day interest. In my case, the loan is to be made on the 1st of the month, and the first payment is the 15th of the following month (i.e., 45 days later). Using this calculator, Is there a way to add the “odd day interest to the last payment and not show a small interest payment due on the date of the loan? If not, is there an amortization schedule on your website that would allow that variable?

    • Hi, understood. This calculator does not give the user an option for how the initial period interest is collected – as you’ve discovered.

      Please use the Time Value of Money Calculator. Click on the “Settings” button at the top of the calculator for “Interest Options”. Scroll down the page to tutorial #13 for an explanation of the available options.

      If you find the calculator or this support useful – please consider giving me a social media mention. Thanks.

  37. Hello Karl. Thank you for such a great tool!

    I am trying to run an amortization schedule based on $200,000 @ 2% for 27 months with monthly payments i/a/o $7,500. Monthly payments with daily compounding on 365 day year. Loan date is 09/09/16 with first payment due 10/01/16.

    I was able to enter everything, but the results are changing the first payment to $9,564.64, instead of $7,500. Essentially, it’s adding the additional amount due to the first payment, instead of adding it to the last payment. Is there a way to have all of the payments (except the last) be $7,500?

    I tried the balloon calculator but it doesn’t let me use a loan date of 09/09 with a payment on 10/01.

    Thanks in advance.

    • You’re welcome John. Glad you like it.

      Wow, that doesn’t look right. I’ll have to study this in more detail. It’s being fooled by the short period AND the preset payment. If you allow it to calculate the payment, it will give an accurate schedule.

      However, that’s not what you need. If you use this Time Value of Money Calculator you can get the schedule that you need. I checked it.

      Note, if you try it, click on [Setting] button at the top and look at interest options. Set “Short Period” to “No Interest Reduction”.

      Then, also under [Settings] check the rounding options and set as needed.

      Thanks for letting me know about this.

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