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Steps to Quickly Create an Amortization Schedule

an amortization 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.
  1. Leave all inputs and setting set to their defaults.
  2. Enter the "Loan Amount."
  3. Enter the expected "Number of Payments."
  4. Enter the anticipated "Annual Interest Rate."
  5. Set "Payment Amount" to "0" (the unknown).
  6. Click either "Calc" or "Print Preview" for your schedule.

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

But what if the terms of your loan do not conform to this calculator's default settings?

For best results, turn your device   
Enter a "0" (zero) for one unknown value above.
No/Yr Date Payment Interest Principal Balance
×

Info...

  Original Size  

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.


Always enter (and reenter) a 0 for the unknown value.

Note - You must enter a zero if you want a value calculated.

Why?

Because we want this calculator to be able to create a payment schedule using the loan terms you need. The payment amount can be whatever you want it to be. A payment is "correct" as long as both the lender and debtor agree on the amount! (If the calculator always recalculated the last unknown, then this feature would not be possible.)

TIP - Use an amortization schedule to confirm the periodic interest charges. Interest amounts are the calculations that borrowers should be validating.

Four values you will always need to set:

Cheat Sheet
YearsBiweeklyMonthly
410448
513060
615672
10260120
15390180
20520240
25650300
30780360
  • Loan Amount - the amount borrowed. The principal amount. It does not include interest.
  • Number of Payments (term) - the length of the loan. The "Payment Frequency" setting also impacts the loan's term. For a term of fifteen years, if the payment frequency is biweekly, you need to enter 390 for the number of payments. (390 biweekly payments = 15 years)
  • Annual Interest Rate - the nominal interest rate. This the quoted interest rate for the loan.
  • Payment Amount - the amount that is due on each payment due date. For "normal amortization", this includes principal and interest.

Set one of the above to 0 if unknown.


How do I calculate how much I can borrow?

  1. set the loan amount to zero
  2. enter the number of payments
  3. enter the annual interest rate, and
  4. enter the expected or desired payment
  5. calculate

How do I calculate how long it will take to pay off a loan?

  1. enter the loan amount
  2. set the number of payments to zero
  3. enter the annual interest rate, and
  4. enter the expected or desired payment
  5. calculate

What interest rate allows me to pay $500 a month?

  1. enter the loan amount
  2. enter the number of payments
  3. set the annual interest rate to zero, and
  4. enter $500 for the payment amount

About Dates - they may be (or may not be) important (to you):

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If you want an estimated schedule, you may skip over this section.

But, if you want an accurate, to the penny, amortization schedule, then you should spend a minute or two understanding these options.

  • Loan Date - the date the money is available. If the loan is for a vehicle or home, it is the loan's closing date.
  • First Payment Due - for leases, it may be the same as the loan date. See "About the loan origination date (start date) and first payment date" above.

Important - Selecting dates will result in interest charges as well as payment calculations that do not match other calculators.

And that's the point!

However, if you want to match other calculators, then set the "Loan Date" and "First Payment Due" so that the time between them equals one full period as set by "Payment Frequency." Example: If April 10th is the "Loan Date" and the "Payment Frequency" is "Monthly," then set the "First Payment Due" to May 10th, that is if you want an estimated interest calculation.

More details about the settings available for odd day and irregular period interest.

Four loan options you most likely don't need to touch.

  • Payment Frequency - how often do you want to schedule payments? The calculator supports 11 options, including biweekly, monthly, and semiannual (useful for bond coupon interest schedules). The schedule calculates the payment dates from the first payment due date (not the loan date).
  • Compounding - usually, the compounding frequency should be set to the same setting as the payment frequency. Doing so results in simple, periodic interest. Setting this option to "Exact/Simple" results in simple, exact day interest.
  • Points - one point is one percent of the loan amount. Points are generally applicable to U.S. mortgages. More about loan schedules with points, fees and APR support.
  • Amortization Method - leave this setting set to "normal" unless you have a specific reason for setting it otherwise. For a complete explanation of these options, see Nine Loan Amortization Methods.

Seven loan options you may want to tweak.

These options are available by clicking on "Settings."

  • 360 / 364 / 365 - days-per-year option. This setting impacts interest calculations when you set compounding frequency to a day based frequency (daily, exact/simple or continuous) or when there are odd days caused by an initial irregular length period.
  • Long/Short Period Options - settings for how interest is shown on the schedule when the initial payment period (the time between the loan date and first payment date) is longer or shorter than the selected payment frequency. Click for more details and examples.
  • Last Period Rounding Options - due to payment and interest rounding each pay period (for example, payment or interest might calculate to 345.0457, but a schedule will round the value to 345.05), almost all loan schedules need a final rounding adjustment to bring the balance to "0". A footnote on the payment schedule informs you of the rounding amount.
  • Points, Charges & APR Options - see loan schedules with points, fees and APR support.
  • Year-End Month - this setting establishes after what month the calculator shows year-end and running totals. This option is to accommodate businesses with fiscal year ends that do not coincide with the calendar year-end.
  • Currency Symbol - select a currency sign from over 90 countries. Includes local conventions for thousand separator.
  • Date Convention - select from six date format conventions, including YYYY-MM-DD and DD.MM.YYYY

Beyond Basic Amortization Schedules

Amortization schedule with a final balloon payment

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

  • First...
    1. Enter the loan amount
    2. Enter the interest rate
    3. Enter the number of payments which will be used to calculate the periodic payment due - in this case, 30-years or 360 monthly payments.
    4. Enter "0" for the payment amount and click on "Calc." The result is the payment for a 30-year loan.
  • Then....
    1. Change the number of payments to the actual term of the loan - per this example that's five years or 60 payments
    2. Click on "Print Preview" to see your amortization schedule with a balloon payment.

A Negative Amortization Schedule

If a lender and borrower agree on a payment that's not large enough to pay the interest due, the result is negative amortization - negative because the loan balance keeps increasing even after the borrower makes a payment.

Since this amortization calculator gives the user the ability to enter any payment amount, it supports negative amortizing loans. All you have to do is enter the agreed-upon payment amount.

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

Note the negative principal amounts in the below figure.

A negative amortizing loan
Fig.11 - Loan schedule showing negative amortization - loan balance is increasing

Printing the Payment Schedule

Printing will work from any type of 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 plan to donate one to the cause!).

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 three verticle dots) and select "Print..." Click on the "Change..." button and select "Save as PDF."

If you are not using a browser that supports PDF printing, that's not a problem. You can install a PDF print driver. It's 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.

Save amortization to PDF
Fig.13 - Use Google's Chrome browser to save the amortization schedule to a PDF file or install PrimoPDF.

Need an Amortization Schedule in MS Excel®?

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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.

amortization schedule in Excel
Fig.12 - Select the schedule so you can copy / paste to Excel

What Do You Think?

Or what would you like 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 Microsoft Corporation.

156 Comments on “Amortization Schedule”

financial online calculator Join the conversation. Tell me what you think.
  • Hi Karl,
    Long ago I had asked a questions about “straight line” amortization, where the amounts don’t jump around, but rather are continuous, with the interest going down each month. I cannot find how we determined this could be created. (I’ve gone back in your comment file to 2017…).

    But I recall that the day of the month had to be the same
    I think it was “continuous” , not daily compounding
    I have tried all three: 360 days/year, 364 days, and 365 days.
    But I cannot duplicate this straightline amortization.

    Perhaps you remember commenting that I had coined a new phrase when I used the term straightline in this setting.

    Do you recall what was done to achieve this?

    Thanks you!
    Janice

    • Hi Janice, I don’t recall the conversation specifically, but I did find it. You first comment was on May 18, 2018. Below is my reply. I think the point I was making was, that you need to set the compounding equal to the payment frequency, or at least not equal to the 3 compounding frequencies mentioned below. Anyway, you said this answer was “perfect.” 🙂

      Hi Janice, this calculator has not had any changes in over a year. You should see an increasing amount being allocated to the principal with each payment made.

      There are conditions, however, when this does not happen. If the compounding is set to continuous, daily or exact, some payment will have less applied to principal than the immediately preceding payment due to the difference in the number of days in the month.

      Or if the first period is a longer or shorter period than the following regular length periods, the principal will change.

      If this does not answer your question, then I need to see your schedule to understand the specifics.

    • I’m sorry you are having an issue with printing. The calculator does print a schedule from all devices I’ve tried, including my iPhone. Are you using the "Print" button in the upper left corner of the "Print Preview?"

      Will other applications print from that computer? Perhaps the print driver has crashed and you need to reboot?

  • Hi There,
    I am clearly missing something, but after sifting through everything I am not finding what I need so hoping you can assist. I am trying to get an amortization schedule that allows for a known maturity date which would calculate the balloon payment on that final date. I get that I could also just figure out how many periods get me to that last payment date, but was wondering if you have any calculator that has the option to set the last payment date.

    • Sorry, but that’s not something that I can help you with at this time. I still have about six or so calculators I want to add to this site. A lease calculator is one of them.

    • This is doable with the amortization schedule above. First you need to establish your fixed monthly payment. Then you need to calculate your EXACT interest rate. Enter in 1 additional payment (If a 60 month lease, enter 61 months). The last month (61st) should be the residual value or buyout amount (Example: $1 buyout should have a final payment of $1 showing up on the 61st month). If the interest input wont let you go enough decimal places, then you will have to go to excel and do it line by line.

  • Donald Justice says:

    I cannot find an Amortization Format that allows the fixed monthly payment and provides the number of monthly payments. Don J.

    • You can set the amount of the payment with this calculator. Then enter 0 for "Number of Payments" and click calc, and the calculator will calculate the number of payments required paying the monthly payment you would like to pay.

      Is that the question you had? If not, please explain further, with an example, if possible.

    • I’ll point one thing out. The calculator has a small bug right now. If you are trying to solve for number of payments, and the payment amount you enter is not large enough to cover the interest due, then the calculator appears to do nothing when you click on ‘Calc.’ In such cases, the calculator should be showing users this message:

      >>>>Error: Infinite term. Growing balance.

      To fix, please adjust one of the inputs. Such as increase the payment amount. Or reduce the interest rate or loan amount.

    • No, not specifically.

      However, the C-Value! program is an amortization calculator (link at the top of any page on this site) and it will export directly to Excel.

      How do you plan to use an amortization schedule in Excel? Do you want to edit payments and have interest recalculated? C-Value! will do that for you and there’s no need to export.

      • Karl,

        How do I set up a Loan with 12 months no payments no interest and 60 months with a payment of 2068 (no sure of the exact interest rate)

        • I’ll assume since you posted your question on this web page that you are asking about this calculator and not C-Value!.

          First, under "Settings" select "Long/Short Period Options" and then under the long period option pick "None" No interest will be accrued for the long period.

          Then set the loan date to say Dec 1, 2019 (or of course whatever you need) and the first payment date to Dec 1, 2020. Thus, for the first 12 months there will be no payments due.

          Set the payment amount to 2,068 and the calculator will use it.

          The calculator will use any value you enter to create a schedule. Depending on the interest rate, the 2068 payment amount might be too little or too much to pay the loan off in 60 payments. But if you enter 60 for the number of payments, and the interest rate is too high, you’ll end up with final balloon payment amount. If the rate is too low, the calculator will stop the schedule when the loan is paid-in-full. I suggest setting the number of payments to 0 in this case and let the calculator create the schedule (unless you want a final balloon).

          Feel free to ask if you have more questions.

  • hi karl, how do i calculate a schedule as follows :

    I place a “0” for unknown interest $ value but output report is incorrect.

    For a motor vehicle here in OZ

    – unknown interest..standard practice not to advertise on agreement
    – principal $57,533.89
    – 59 pmnts
    – $879.78
    – BALLOON OF $15,879.78
    – total interest is $9,952.91

    cheers

    • Hi Michael, two things. You basically have 2 unknowns. Since you have a large final balloon in your example, for this calculator, you have an unknown term (the number of payments required to pay off the loan with monthly payments @ $879.78.) This calculator won’t solve that problem.

      However, my Ultimate Financial Calculator will easily solve the problem.

      If you try it out, enter "Unknown" for the "Initial Interest Rate" inputs.

      Then you’ll see where you enter 3 rows in the table. 1 for the loan amount. 1 row for the 59 payments of $879.78 and the final row for the balloon payment of $15,879.78.

      The second point, I want to make is that the math in your example is wrong – it doesn’t balance. Total interest can’t be $9,952.91. It is $10,252.91. (And I didn’t need a calculator to figure that out.)

      Total interest = ((Number of payments * the periodic payment amount) + the final balloon payment amount) – the principal amount.

      Let me know how you make out, please.

    • Does that monthly payment include something in addition to the principal and interest amount due? Does it include a fee or insurance? If so, then the fee has to be deducted from the payment amount when using my equation for calculating total interest due.

      • Hi Karl,

        It includes a $300 admin fee, the interest is per the ANZ bank summary , so it wasn’t my calc. , pre-determined.

        Will let you know how I go, & thanks

        • I should have noticed the even $300 and suspected a fee or something similar. Also, I didn’t mean your calculation personally – only the example you’re presenting.

          When is the fee paid? On the day the loan originates? I assume so, as there seems to be no interest earned or charged on the $300. If that’s the case then the loan principal is not $57,533.89, but rather $57,233.89, and that’s what should be entered in the first row of the recommended calculator as the loan amount.

        • Either that (reduce the loan amount by $300) or use $57,533.89 and enter in the second row, one payment amount for $300 with the same date as the loan date. The example originally presented does not account for the fee payment, only the fee amount.

    • No, there is no way to save the inputs and calculations to a file yet. (I am working on adding that feature.)

      Are you asking because you want to use the schedule in Excel? If so, scroll down the page and there are some tips for copying and pasting the data to Excel.

  • Can you add the ability to change payment allocation and current principal/interest amounts?

    In other words, if I have a loan where the lender decides to allocate payments to principal before interest, so that no interest is paid until principal is paid off, that will change the total paid.

    • I already have a calculator that support "principal first." payment schedules. Please see this calculator. Scroll down for tutorials. The principal first option is in the payment row, in the right most column under "series option" after you click on it.

  • Hi Karl
    I have a redraw investment loan of 100000 @ 4.32 P & I and paid monthly;
    I have 100000 same amount in redraw; How would the amortisation look like ? Im unable to use any of the calculators to see how my statement reflects the actual calculation on how my monthly payment gets calculated?
    Should the loan amount stay the same or does a part of the principal gets paid?
    Can you help? I understand the amortisation of an offset loan works different to the redraw loan

    • Hi Nat, first, as to whether the loan amount stays the same or if the principal is getting paid down, the lender needs to answer that. That would be one of the terms of the loans, and the terms can vary. I would think that the loan statement would tell you the answer if you compare numbers with prior months.

      Secondly, think you need to be using this calculator. The UFC will let you amortize a loan with multiple loan amounts. If I understand you correctly, you have an initial loan, and then there was another borrow, increasing the total balance. This calculator allows users to do that calculation.

      If you try the above-reecommended calculator. Scroll down the page to the list of tutorials. The construction loan tutorial will show you an example of loans with multiple borrows.

      If you have more questions once you tried it, just ask.

    • I’ll add that "normally," when making loan payments, each payment is applied to both principal and interest. Thus, the loan’s principal balance is decreasing. I say "normally", because your particular loan does not have to work that way.

  • HI Karl
    thanks for your reply
    I will explain further to ask my questions
    Rather than making an extra- repayment that goes into the loan, the redraw or offset only negates the interest part..
    i was trying to see if you can point to a amortisation table comparing loans with offset vs redraw features

    • You’re welcome.

      You can use the suggested calculator to make an interest-only payment.

      If your regular payments are "principal first" payments, the interest balance will be growing. And as mentioned, then an interest-only payment would reduce that balance.

      Not sure though, that will give you what you want.

  • Marian Franklin says:

    What is the best amortization schedule to use to calculate how long it would take to pay off a loan of $292,398.42 with an interest rate of 4% with set payments of $4872.20 and a extra principal payment each month of $1500.00. First payment starting Feb. 24, 2020.

    thank you,

    • Use this loan calculator.

      Since you are solving for the term, you’ll enter "0" for the number of payments. You can enter your extra payments on the Options tab. Enter "U" for Unknown for the number of extra payments.

Comments, suggestions & questions welcomed...

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