# Amortization Schedule

Have you been looking for an amortization schedule to handle a loan feature that other web calculators can't accommodate?

If so, then this is the calculator for you. Scroll down the page, and below the calculator, you'll find all the options and features explained.

If, on the other hand, what you want is a quick schedule, then here is all you need to do...

## Steps for a Quick Payment Schedule

##### Amortization Schedule

- Create printable amortization schedules with due dates
- Calculate loan payment amount or other unknowns
- Supports 9 types of amortization.
- User can set loan date and first payment due date independently.

- Leave all inputs and setting set to their defaults
- Enter the "Loan Amount"
- Enter expected "Number of Payments"
- Enter the "Annual Interest Rate"
- Set "Payment Amount" to "0" (the unknown)
- Click either "Calc" or "Print Preview" for your schedule

That's it! That's all you need to do to create a standard loan schedule.

But what if the terms of your loan do not conform to this calculator's default settings? Or what if you want to know what amortization method will save you the most in interest charges?

#### Info...

Click, copy, paste this URL to save the inputs for yourself or to share with others.

This custom URL updates when you click the "Calc", "Clear" or "Schedule" buttons. Paste it into a browser's address bar to reload.

## What is amortization?

##### Quickly Select a Date

According to Wikipedia "Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance."

Further, "an amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator."

(To be technical here, I take issue with the use of the word "regular" as used in the definition. I prefer "periodic" or "recurring" instead. Perhaps I should edit the entry?)

That's what amortization is, but the definition does not address, naturally, the different methods used for calculating an amortization schedule.

This calculator does!

It supports the following nine amortization types.

- Normal Amortization
- Rule-of-78s Payment Table
- Interest Only Payment Schedules
- No Interest Loan Schedules
- Fixed Principal Amortization
- Canadian Loan Schedule
- Amortization with Points & Annual Percentage Rate (APR)
- Loan Schedule with Final Balloon Payment
- Negative Amortization

You'll find each method discussed below.

## About Dates, First Period Interest & Year-End Totals

Important Note About Dates: This calculator supports variable 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. **Supporting odd length first periods results in more accurate calculations, but you'll see 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 selected 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.

Click on "Settings" for "Long / Short Period Options"

**Long first period**

A long first period occurs when the period between the loan date and the first payment date is longer than the selected payment frequency. The calculator can calculate the interest due for these extra or odd days in one of four ways.

- None - free money! No interest calculated on the odd days
- With first - odd day interest paid with first payment due. Payment will be larger than the other periodic payments.
- With origination - odd day interest is due when the loan originates - commonly known as "prepaid interest"
- Amortized - a small amount of odd day interest is paid with each payment. The calculator increases all payments to be equal.

**Short first period**

A short first period occurs when the period between the loan date and the first payment date is shorter than the selected payment frequency. The calculator can calculate the interest due for the short period in one of three ways.

- No payment reduction - the calculator calculates what is considered to be a "normal" normal payment amount and uses it for the first payment. The last loan payment is reduced to compensate for the short period
- Reduce first - the first payment is reduced to compensate for the short period
- Reduce all - all payments are reduced to compensate for the short period.

Here's a more formal definition of odd days interest from the Financial Dictionary.

One more comment about dates.

By default, the schedule's totals are calculated as of December 31.

But some taxpayers pay taxes based on a different year-end. This calculator supports annual and cumulative totals as of any month end.

Click the "Settings" button and select "Year End Month."

## 9 Types of Loan Amortization Schedules

**Normal Loan Amortization**

If in doubt, use this setting when amortizing a loan. In the US at least, nearly all loans use the "normal" method.

These are the characteristics of a normal loan or mortgage:

- They have "level payments" i.e., the scheduled periodic payment amount does not change. (With the possible allowance, as discussed above, for odd day interest.)
- The interest amount paid declines each period as the loan balance is being paid down.
- Thus, the principal amount paid each period increases to keep the payment amount level.
- There may be a slight adjustment ("rounding") of the final payment so that the loan is brought to a 0 balance.

The next method, consumers will want to avoid.

**Rule-of-78s Payment Schedule**

The Rule-of-78s method front loads the interest due. That is, the debtor pays more interest early in the payment schedule and less interest later when compared to a "normal" loan.

Both the periodic payment amount and the total loan interest due are the same for both the Rule-of-78s and the "normal" methods. The only difference is how the interest gets allocated each period.

The blog post here thoroughly explains the Rule-of-78s amortization and why, as a consumer, you may want to avoid such loans.

For the lowest periodic payment, get a loan using the next payback method. There's only one catch...

**Interest Only Amortization**

Some loans require the borrower to pay only the interest due each period. Such loans are known as "interest only loans"

These are the characteristics of an interest only loan or mortgage:

- The periodic payment amount generally does not change.
- The interest amount paid each period is the same because no principal is paid, the loan balance does not change.
- The entire principal balance plus the last period's interest is due with the last payment.

If you think that interest only loans are not very common, then think again.

Many bonds sold to investors are interest only loans. The bond's buyers are lending the issuer money. The bonds pay the buyer a periodic coupon payment which is the interest on the debt. And as reported by Zacks the size of the bond debt in the US at "the end of 2017 was more than $40.7 trillion"

That's a lot of debt financed with interest only payments!

If you represent a bond issuer, you can prepare a bond coupon payment schedule with this amortization calculator. The "loan date" is the bond's issuance date and the "first payment date" is the date of the first coupon payment. Make sure to select the "Interest Only" amortization method.

**No Interest Loan Amortization**

Yes, it happens! I added this amortization method to the Windows version of this calculator 20 or more years ago. Someone called me (remember phone calls?) and said he and his wife were lending money to their son and they wanted to create a payment schedule that they could agree to, the catch was, there would be no interest charged.

This amortization schedule continues to support an interest-free loan.

You may ask, "Why not just enter a "0" interest rate?"

The answer is simple. If a user enters a "0" for any input, then the calculator interprets that as the unknown value. So if a user enters a "0" for the interest rate, the calculator will attempt to calculate the rate.

To get around this, select the "No Interest" option for an amortization method.

The following amortization method will save you interest charges if you can afford it.

**Fixed Principal Loan Table**

Before computers and calculators, that is, before it was easy to calculate a level payment amount, lenders frequently had lenders payoff loans using the fixed principal amortization method.

Why?

Determining the payment amount requires only simple arithmetic. To calculate the payment due, first, divide the principal loan amount by the number of payments in the term and then add the periodic interest.

These are the characteristics of a fixed principal loan or mortgage:

- Payment amount start higher than a "normal" loan.
- The loans feature a declining payment amount. As the borrower pays down the principal balance, the interest due each period is reduced and therefore the payment decreases over time.
- The principal amount paid each period is fixed. The principal paid on a $1,200 loan with a term of one year will always be $100.
**The borrower pays less total interest**- There may be a slight adjustment ("rounding") of the final payment so that the loan is brought to a 0 balance.

**Canadian Amortization Schedule**

The Canadian amortization method is the same as the "normal amortization method" except for one detail. When the user selects the Canadian method, the calculator automatically sets the payment frequency to monthly and the compounding frequency to semiannual.

A conventional loan typically uses the same frequency for both payments and compounding.

The Canadian method, because it uses less frequent interest compounding, results in a slightly lower scheduled payment amount because the interest due is somewhat less each period when compared to the interest charges owed under monthly compounding.

For more details, here's a A Guide to Mortgage Interest Calculations in Canada.

**Amortization with a Balloon Payment**

Occasionally, there are times when the terms of a loan call for a payment to be calculated on a 30-year payback but the loan will come due after five years of payments (for example).

Because the payment calculation uses a 30-year term, the balance of the loan will still be substantial relative to the starting balance when the term is up in five years, and the balance is due.

Creating an amortization schedule showing the balloon payment amount is simple with this calculator.

- First...
- Enter the loan amount
- Enter the interest rate
- Enter the number of payments which will be used to calculate the periodic payment due - in this case 30-years or 360 monthly payments.
- Enter "0" for the payment amount and click on "Calc"

- Then....
- Change the number of payments to the actual term of the loan - per this example that's 5 years or 60 payments
- Click on "Print Preview" to see your amortization schedule with a balloon payment.

**Loan Schedule with Points, Fees and APR Support**

Some loans require the borrower to pay an upfront charge called "points."

Why would a borrower be willing to pay an extra charge?

When the borrower pays points, the lender reduces the interest rate. Points are in essence prepaid interest (and the IRS treats them that way). One point is one percent of the loan amount. Thus, one point on a $300,000 is equal to $3,000.

The user has two choices for how to create an amortization schedule with points. Click on "Settings" and select "Points, Charges & APR Options."

If "Include dollar value of points in interest charges" is checked then the calculator calculates the dollar cost of the points, and the payment schedule shows them paid at the loan origination. The calculator also adds the cost of points to the total interest charges.

If the user didn't check this option, then the dollar value gets reported in the header only, and the amount does not get added to the total interest.

See Moving.com "What Are Mortgage Loan Points?" for more details.

Points impact the loan's annual percentage rate. If you want to check the APR (and if you are the borrower, you should), you can include a Truth-in-Lending Act compliant calculation in the schedule's footer. Just check the option "Include Regulation "Z" APR Disclosure calculation at the end of the schedule?". For an accurate APR, don't forget to include any fees in "Other charges & fees (for APR calculation)?" input.

**Negative Amortization Calculation**

Users frequently tell me they use this calculator to "check their lender's payment amount."

That's fine, of course. But all borrowers should also understand, there is no such thing as a "correct payment amount." The only payment amount of concern is the amount agreed to between the lender and borrower. All things being equal if the lender says the payment is $315 a month and the borrower expects it to be $311 a month, it doesn't matter - as long as they both agree on the initial period's calculated interest amount. If the parties agree on the interest calculation, then paying a slightly higher amount will pay the loan off marginally faster or result in a smaller final payment, and the total collected as interest will be slightly less.

So what does this have to do with negative amortization?

Simple, if the lender and borrower agree on an amount that is not large enough to pay the interest due it results in negative amortization.

**This amortization calculator gives the user the ability to set any payment amount. Rather than enter a "0" for the payment, enter the agreed upon payment amount.**

When the payment amount is less than the periodic interest due, the loan balance will increase each period because the interest not covered by the payment must get added to the balance.

There is nothing wrong with a negatively amortizing loan per say. However, the borrower will have to be prepared to pay a single, large payment at the end of the term.

If you are the borrower, be sure to check the last payment row of the schedule for the final payment amount, which includes the accrued interest, to see if you can handle it.

Note the negative principal amounts in the below figure.

## Need an Amortization Schedule in MS Excel^{®}?

From time-to-time, I get requests from users for the ability to export an amortization schedule to Excel. This calculator won't do that. However, users can select the data and copy/paste to Excel.

You can copy/paste from either the main window or from the print preview window. If you copy from the main window, then formatting will remain intact. If you copy from the print preview window, then only the values will be copied. Depending on the browser you are using, you may have to use Excel's **Paste Special** feature and select "Text" for copy/paste to work.

If you want to copy from the main window, I think the easiest way to do that is to scroll to the end of the schedule and select the last row and then scroll upwards to select the entire table.

## Save Payment Schedule to PDF

If you want to share this calculator's schedule with someone or save it in a digital format for later reference, you can print the results to a PDF file.

If you are using Google's Chrome browser, printing to PDF is a standard feature. Click on Chrome's menu (the 3 verticle dots) and select "Print..." Click on the "Change..." button and select "Save as PDF."

If you are not using a browser that supports printing to a PDF, no problem. You can install a PDF print driver. It pretty easy to do this. And there are many free ones from which to pick. In the past, I used PrimoPDF.

By the way, one advantage of installing a PDF print driver, even if you use Chrome, is you'll then be able to create PDF files from any application you use, not just your browser.

**Make sure, when saving to PDF that you use the "Print" button on the "Print Preview..." window.**

## Printing the Payment Schedule

Actually, there's not a lot to say about printing...

Users should know that printing is expected to work from any device. It's pretty cool to print a well-formatted schedule from a smartphone that is connected wirelessly to a modern printer. (I've personally tested this using an iPhone 5 and iPhone X printing to an HP LaserJet Pro 400.)

Make sure you are printing from the "Print Preview..." window where there are two print buttons available.

If you have any problems, please let me know what browser and version you are using. I can test various browsers, but unfortunately, I can't check too many printers (unless you are prepared to donate one to the cause!).

## What Do You Think?

Or what would you lke to know?

While this page covers a lot of material on amortization schedules, it can't cover everything.

Let me know in the comments below what I missed. Or feel free to ask your questions and I'll answer them (to the best of my ability).

MS Excel® is a registered trademark of the Microsoft Corporation.

## Loan Payment Schedule Help

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%.

To print any loan schedule, click on "Print Preview" and then "Print this schedule". "Print Preview" will also function as a "Calc" button.

Cheat Sheet | ||
---|---|---|

Years | Biweekly | Monthly |

4 | 104 | 48 |

5 | 130 | 60 |

6 | 156 | 72 |

10 | 260 | 120 |

15 | 390 | 180 |

20 | 520 | 240 |

25 | 650 | 300 |

30 | 780 | 360 |

## Steve says:

Love this website of calculators……best I have seen. Question: I just recently did an owner financing sale of a home……fixed rate, 30 yr amortization, 5 yr balloon (I am the lender). Used your balloon calculator to print amortization table. The question is, if borrower makes addtl principal payment how do I track that in terms of new balance due and interest accrual/adjustment for the next month payment? Can one of the free calculators do that OR does a C-Value do it? Also, the extra principal payment may not be regularly scheduled and may be very sporadic. What is the best way for me to track this?

## Karl says:

Great to hear it!

For what you want to do, track loan payments, use the Ultimate Financial Calculator. It is capable of letting the user enter individual payments(or groups) for any amount on any date. Interest rates can be changed as well. If you try it, scroll down the page and look at the tutorials. Read #1 for an overview. And then #25 illustrates what you need.

I’ll add, this is similar to C-Value!. The only reason you would want C-Value! is if you want to save your work as payments come in.

## Steve E says:

Follow up to my March inquiry. Details……I owner financed a home loan to buyer, 30 yr amortization with 5 yr balloon. Fixed interest rate, compound monthly. Buyer adds addtl principal payment amount to each monthly payment but the addtl amount varies monthly. You advised how to use UFC for this, tutorial #25 as example. I did this and it worked well with varying addtl principal amounts. When I click on Schedule, it obviously just shows the current payments and current balance/running totals. However, how can I see or calculate what the actual balloon balance will be at any time when there are varying principal payments made; is there a way to see the amortization table continuously updated as varying principal payments are posted monthly for the 30yr amortized note with a 5 yr balloon. If C-Value does this and UFC cannot or C-Value is better, I am fine buying it (probably will anyway because I want to save my work; I just need to be sure it does what I am looking for). Thanks.

## Karl says:

"I did this and it worked well with varying addtl principal amounts."

Good. Glad to hear.

"However, how can I see or calculate what the actual balloon balance will be at any time"

You’ll continue to enter the payments as they are made. Then, the next to last row will be the remaining scheduled payments for the scheduled amount. They will not reflect the additional payment, because they are an unknown of course. If 24 payment months have passed then this row will be for 35 monthly payments (one less due to the balloon).

The final row will be a single unknown payment amount. This will be the projected balloon payment given the actual payments to date plus the scheduled payments.

Clicking the schedule button will show you an updated amortization schedule.

""

## Donna says:

There are two options under the “Initial Period Interest Payment Options”, but I don’t see how one is able to select just one. I am interested in the first, the one where the initial cash flow period is longer than the payment frequency, but if I check “amortized” under that option, a box remains checked in the second option (“If initial cash period is shorter)

Is there a way to uncheck boxes in the”shorter cash period”, or will the correct calculations be made as long as “Loan Date” and ‘First Payment Date” are entered in the calculator.

Thank you.

.

## Karl says:

There will always be 2 options checked. That’s how it is designed.

The key word is

"if.""If initial cash flow period is longer…" or "If initial cash flow period is shorter…"If the payments are scheduled to be monthly and the loan date is March 24th and the first payment date is May first then that’s a long first period and the option in the first group applies.

If the loan date is March 24th but the first payment date is April 1st, then that’s a short first period and the options in the second group apply.

So the calculator makes the decision which option to use based on the dates you enter relative to the payment frequency selected. Does that help?

## Donna says:

Thank you so much for the prompt reply!

## Karl says:

You’re welcome. My pleasure.

## Julie Milliken says:

How do I calculate a loan with an 18 month deferred payment?

## Karl says:

Depends on the particulars. I’ll assume that it’s not the first payment that’s deferred by 18 months, because this calculator will handle that, simply by setting the first payment date to be 18 months after the loan date.

If a subsequent payment is late by 18 months, then you’ll need to use this financial calculator. The Ultimate Financial Calculator will let a user set any payment date for any payment. Payments can be skipped. If you try it, scroll down the page to the tutorials. Read #1 for an overview and then #25 should be helpful as well. If you have questions, just ask. Or if I misunderstood, please give me more details.

## Steve Herman says:

Thanks, Karl,

I managed to get the right interest rate to post. So I’m ok. I appreciate the fast feedback, and have a great day.

Steve

## Steve says:

I’m having trouble inserting the correct interest amount. The AFR for the loan I want to make is 2.17%. But I can’t find a way to input an amount like 0217 so that it converts to 2.17%. Can you help.

Thanks very much,

Steve

## Scott Gerstein says:

Hi, great resource. Thanks for your hard work! However there seems to be a glitch. I hit “Calc” on your default data in the above amortization calculator, and the table is showing two payments due on 12/31 of an amount higher than the calculated monthly payment. When I changed the parameters of the loan to match my specific needs, the same thing occurred. On your example, it shows a monthly payment of $738.92, but on 12/31 it shows additional payments of $5172.44

Note: I didn’t change the sample parameters you input into the calculator

Below is a screenshot of what i’m referring to (or at least my best effort to cut and paste!)

11/01/2019 738.92 106.47 632.45 28,739.41

1 12/01/2019 738.92 104.18 634.74 28,104.67

1 12/31/2019 5,172.44 777.11 4,395.33

1 12/31/2019 5,172.44 777.11

## Karl says:

The 12/31 dates are not payment due dates. They are total rows.

The first 12/31 row displays the totals for the year indicated.

The second 12/31 row displays the running totals since the inception of the loan.

This will become more apparent if you look at the totals for 12/31/2020 or if you click Print Preview (print preview shows a nicer looking schedule).

OK? Or did I misunderstand?

## Scott G says:

Thanks for the quick reply! Now I see it, the figures I was referring to are the running totals. And it’s much clearer once I hit Print Preview. Again, appreciate your work!

## Karl says:

You’re welcome. When I made the last modification to the calculator a few weeks ago, I broke the payment number column and the total labels. That’s why it was confusing. It’s now fixed. You don’t need to use the print preview to see the payment count.

## SEAN says:

Can you share the mathematical calculation you use when calculating the payment on a loan with a shorter first period and wanting equal payments? I am trying to create something similar for an excel workbook and am hoping you share some of your knowledge.

## Karl says:

I limit my support to two types of questions. One, how to use a calculator, and two, what calculator to use to solve a particular problem. Unfortunately, if I answered questions like this, it would leave less time for developing (I only do this part-time) and for providing support for the calculators themselves. I can tell you this however what you are asking about is not solved by a simple equation. It requires probably a few hundred lines of code.

## Randy says:

I am having some trouble with the amortization schedule. I have inserted all of the values for the variables with my note terms, including the amount of the annual payments. But when it calculates, it changes the first annual payment to an amount higher than the periodic payment provided in the note. The rest of the payments show the amount as entered. Any ideas how to fix this?

## Karl says:

My guess is, it will have to do with the loan date and first payment date you’ve entered. Is the payment frequency monthly? And if so, is it exactly one month between the loan date and the first payment date? If not, then the first payment will need to be adjusted. The way it is adjusted depends on the options selected for either a long or short first period (depending on if the actual period is longer or shorter than the selected payment frequency).

Scroll down the page to the heading "Important Note About Dates:" for some details.

If this accuracy isn’t important to you, then set the dates so they are equal to one payment frequency.

## Joseph Herbst says:

Jut put in some numbers and the calculated payment was wrong

## Karl says:

I can’t tell if you are asking for help or not?

I can assure you however, the calculator is very accurate. If you are not getting a value that matches your expectations, have you tried changing all the options on this calculator? I’m happy to help explain any value, but you need to give me the details of the loan including dates, and the settings for the other options. Also tell me the result you need/expect.

On the other hand, it doesn’t really matter that the calculator matches someone’s expectations, because it (the calculator) will allow a user to set any payment amount and it will create the amortization schedule using the payment amount the user desire. A calculated payment is a starting point, not an ending point for any loan. It’s the interest charges each period that are important to audit.

## Brian says:

I put in the values as I did before it was updated and got different and incorrect numbers this time. It seems to have lost the option of using the Canadian method of calculation. Please go back to the previous version. It worked better.

## Karl says:

Rolling back to a prior version is never the solution. If there’s a problem and you care to actually document it, I’ll fix it. "It seems" doesn’t help. It either has, or it hasn’t. An example would be appreciated. You can copy/paste the custom URL to a follow-up comment and tell me what you think is wrong and that will give me everything I need. Note however, nothing changed between the last version and what is currently hear concerning Canadian loans. So if there’s a problem with the Canadian calculation, it has been a problem for a while, I suspect.

## Brian says:

At the beginning of April I put in the following data

mortgage amount = 654440.19

interest rate = 2.99%

Canadian method

semi-annual

payment = 2200.00

the result was 1620.58 interest and 579.42 principal

this month I put in

mortgage amount = 654440.19 – 579.42 = 653860.77

same interest rate = 2.99%

same payment = 2200.00

BUT different results. The calculation showed an interest portion greater than last month

(from memory) 1629.00 So, something different. The interest payment cannot be more on a decreasing balance owed.

any help? Thanks

## Karl says:

Thanks Brian for the additional details. They help. While, I certainly agree with your conclusion, "the interest payment cannot be more on a decreasing balance owed," I’m not see the problem your are describing.

Here are my inputs for the 1st calculation.

Loan Amount?: $654,440.00

Number of Payments?: 0

Annual Interest Rate?: 2.9900%

Payment Amount?: $2,200.00

Loan Date?: 03/01/2019

First Payment Due?: 04/01/2019

Payment Frequency?: Monthly

Compounding?: Semiannually

Points?: 0.000

Amortization Method?: Canadian

Interest: 1,620.58 (so we agree)

Here’s my 2nd calculation:

Loan Amount?: $653,860.77

Number of Payments?: 0

Annual Interest Rate?: 2.9900%

Payment Amount?: $2,200.00

Loan Date?: 04/01/2019

First Payment Due?: 05/01/2019

Payment Frequency?: Monthly

Compounding?: Semiannually

Points?: 0.000

Amortization Method?: Canadian

Interest: 1,619.15 (so it’s less)

I’m wondering if you might have looked at the number quickly and thought you saw 1629 when it was 1619?

The only other thing is, the dates are important. For both of your calculations, was the first period exactly one month? Or is there a chance there was an extra day? If there was though, I thing the interest would have been more than 1629.

If you still think there’s a problem with the calculator, let me know, and I’ll keep looking into it.

## Molly says:

I would like to start my payments on 6/1/14, but the computer won’t let me. It wants to use the current year. Can this be done?

## Karl says:

You should be able to enter any date between Jan. 1, 1980 and Dec. 31, 2099.

Can you tell me how you are entering the date? Typing it in? Or using the calendar?

Have you change the default date format by any chance? That’s on the same window where users get to pick currency symbol. If you are in the US, the date format should be set to MM/DD/YYYY. If you are typing in the date, only type the numbers, not the “/”.

Please let me know if none of this helps. Hopefully this will help.

## Kelly says:

I have a loan that I’m not sure exactly how to enter it. I have a 10 year term note (120 months) and the first six months are interest only payments, with a balloon payment at year 10. Can I do everything on one amortization or do I have to do two separate ones? (One for the interest only payments and another one for the principal and interest payments with the balloon?)

## Karl says:

There’s a better calculator on this site for the calculation you want. Please use the Ultimate Financial Calculator. It will allow you to set the first 6 payments to interest only and then you’ll be able to do the calculation in one schedule.

If you try the calculator, scroll down the page to the tutorials. There’s one for initial interest only periods and one or two about balloon payments.

And of course, if you have any questions, just ask. I’d like to hear how you make out.

## Kelly says:

It worked perfect! Thank you!

## Karl says:

Great to hear. Thanks for letting me know!

## Sabine Niehaus says:

Is there a way to enter extra principal payments?

## Karl says:

Not with this amortization schedule, but with this loan calculator you can enter extra payments. And it will create an amortization schedule and allow you to set the dates too. Basically the same thing as this calculator with with the extra payment feature added.

## Sabine Niehaus says:

I am trying to match what an attorney sent to set up an owner financed purchase. I have a loan date (date of closing) of 3/8/19 and a loan start date of 4/1/19. Your first calculator shows the first payment in April to be calculated from 3/18/19 to 3/30/19 (360 day method). So the first payment in April is less than the other payments (not a full month in March was due.)

The second calculator, where I can add extra payments, starts with all payments the same. Even though start of loan was 3/8/19 again.

Also, I have schedule extra payments at regular intervals? I have a person making random extra payments as cash is available. I can’t just type in the extra payment? I have to fiddle with the calculator to enter one extra payment and then a recurring payment months away? Then when another extra payment comes in…start over with the schedule?

## Karl says:

In that case, since you want to track payments, then this loan payoff calculator is the recommended tool. You can enter or track payments as they are made on any date for any amount. A payment can be a regular payment or an extra payment. Scroll down the page. There’s a tutorial to get you started. And of course, if you have questions, just ask on that page.

About that short first period, check under "Setting" for various options as to how it can be handled.

## Tim says:

I’m trying to figure out why the APR (6.79%) is lower than my stated interest rate (7% per annum).

Any idea what I’m missing here.

## Karl says:

Good question. I know of one scenario (there may be others) that results in a lower APR. Without knowing your specific inputs and settings, I can only guess if this applies to you.

If the loan has a long initial period. For example, if the payment frequency is monthly, and the loan date is May 14 and the first payment date is July 1

ANDthe long period interest option is set to no odd days interest, then the APR will be less than the quoted nominal annual interest rate.Why?

Because the interest for the odd initial days (May 14 to June 1 in this example) is being forgiven and thus the APR is lower.

Does this make sense? Is this the case for your loan?

## Tim says:

Thanks for getting back to me. That does make sense.

However, in my situation it is not a long first period. I still can’t quite figure it out. Here are my inputs:

Loan Amount: 308,459.99

Annual Interest Rate: 7%

Loan Date: 05/13/2019

Payment Frequency: Monthly

Number of Payments: 132

1st Payment Due: 6/10/19

Last Payment Due: 5/10/2030

Any other thoughts?

Thanks!

## Karl says:

No problem. That’s what this site is about. Trying to be useful.

I ran the calculation using your numbers, and unfortunately, I don’t get the results you are reporting. The APR calculation at the bottom of the print preview says 7.0% for me.

There has to be a setting that’s different. If you are still getting an APR that’s less than 7%, rather than manually type all your settings to a message, you can copy/paste the custom URL from the box below the calculator (AFTER you’ve clicked on calc) to a message. That custom URL will let me reload the calculator using the same inputs as you are using. If you do that, then I should be able to figure out what’s going on.

## Tim says:

Okay, here’s the copy and pasted inputs. Thanks.

https://financial-calculators.com/amortization-schedule?nominalRate=0.07&n=132&cf=3322.64&pv=308459.99&pmtFreq=6&cmpFreq=11&amortMthd=0&pointsPct=0&pointsInMoney=0&otherCharges=0&oDate=Mon+May+13+2019+00%3A00%3A00+GMT-0700+(Pacific+Daylight+Time)&fDate=Mon+Jun+10+2019+00%3A00%3A00+GMT-0700+(Pacific+Daylight+Time)&daysInYear=0&longPeriodIntMthd=1&shortPeriodIntMthd=1&yearEnd=11&roundingMethod=0&calcAPR=true#amortization

## Karl says:

The details make a difference. As soon as I saw the URL, i realized why the APR is lower than the nominal rate. There’s a 2nd reason why this happens that I wasn’t thinking about when you originally asked your question. Assuming there are no additional charges or points the APR will equal the quoted nominal rate when the compounding frequency equals the payment frequency.

So, if you set compounding to monthly, then your APR will be 7%.

By compounding annually, the interest charges are slightly less and therefore so is the APR.

## Tim says:

Got it. Thanks so much!

Tim

## gary gasaway says:

Karl:

We have a mtg/loan, on which the purchaser as made periodic pmts over the yrs. Do you have a schedule where can put in the dates of pmts and the schedule will amortize the loan?gary

## Karl says:

Yes. Please see this loan payoff calculator. It handles regular, irregular, skipped or missed and extra payments made on any date to calculate the exact loan balance.

## Casey Hunt says:

There is a small issue with your calculator. When calculating a delayed first payment, if the loan date and the first payment date are not on the same day of the month, the interest due for the delayed period of time shows up on the loan date line, and is not folded into the loan.

Example:

Loan date 6/1/2019

First Payment: 1/20/2020

1:1 06/04/2019 617.88 617.88 0.00 25,000.00

1:1 01/20/2020 259.10 93.75 165.35 24,834.65

2:1 02/20/2020 259.10 93.13 165.97 24,668.68

Changing the Loan Date to 6/20/2019 it calculates correctly

1:1 06/20/2019 0.00 0.00 0.00 25,000.00

1:1 01/20/2020 259.10 663.68 -404.58 25,404.58

2:1 02/20/2020 259.10 95.27 163.83 25,240.75

## Karl says:

The behavior of the calculator depends on how the options are set. You didn’t mention the payment frequency, so I’ll assume that payments are to be made monthly. If that’s the case, your initial example has what is called a "long first period."

For longer first periods, you have 4 options available to control when the odd day interest is charged. Click on "Settings" and select "Long/Short Period Options."

Scroll down the page and see below the heading "Long first period" for details about each option.

Hope this helps.

## Casey Hunt says:

That was the missing piece! Thanks so much!

## Matt A. says:

Is there a way to modify the first payment made on the loan? Like is there a way to change the amount allocated to interest and the amount allocated to principal?

## Karl says:

The short answer is, that depends on why you want to modify the first payment. The interest is the interest and the lender is going to want the interest due to them. If the interest due is $100, it doesn’t make sense to give the user of the calculator the ability to set the interest to $75.00. On the other hand, if you want to adjust how the interest is collected for either long or short initial periods, there are options under "Settings" that you can change which will impact the amount of principal and interest due with the first payment.

On the other hand, if you want to set a specific first payment amount and still let a calculator allocate the principal and interest, you can do that with this calculator.

If this bit of information doesn’t get you what you need, please give me more details (with an example if possible) and I’m pretty certain we can get the job done.