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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.

174 Comments on “Amortization Schedule”

financial online calculator Join the conversation. Tell me what you think.
  • I am using the amortization calculator, and I insert the balance owed, interest rate and monthly payment. When I go to calculate the number of months remaining on the loan, it doesn’t calculate. I’ve been using this amortization calculator site for over a year now and have never had this problem.

    Karl, can you help me?

    Thanks!
    Shannon

    • Does the calculator display a message?

      I just tried solving for the term and I see no issues. It worked for me. So, I need your exact inputs to know why there’s a problem. Please try it again, and this time, copy and paste the contents of the URL box below the calculator in a reply to this comment. I’ll take a look then.

  • I have tried this site to replicate an existing amortization schedule, but I get different results. For instance, at the payment occurring on 06/01/2017 I get a remaining balance of $116,136.07 whereas the other party’s amortization schedule yields $116,135.40. Any advice? Thank you.

    https://financial-calculators.com/amortization-schedule?nominalRate=0.01&n=480&cf=530.11&pv=209650&pmtFreq=6&cmpFreq=6&amortMthd=0&pointsPct=0&pointsInMoney=0&otherCharges=0&oDate=Fri+Aug+01+1997+00%3A00%3A00+GMT-0500+(Central+Daylight+Time)&fDate=Mon+Sep+01+1997+00%3A00%3A00+GMT-0500+(Central+Daylight+Time)&daysInYear=0&longPeriodIntMthd=1&shortPeriodIntMthd=1&yearEnd=11&roundingMethod=0&calcAPR=false#amortization

    • First, thanks for pasting the URL into the comment. That makes it a lot faster to check.

      I’m sure we can figure out why the difference. First, do the payment amounts agree? If so, then at what payment number, do they disagree? And can you send the other calculator results, for that payment as well as the payment before and after? I’ll take a look.

      • Upon further examination it appears as if the other party’s amortization schedule has rounding differences which become exaggerated as time progresses. I think your schedule is more reliable. Thank you for your service. Kind regards.

      1. Click on "Print Preview"
      2. Then click on either "Print" button in the top left corn or bottom center of the schedule.

      Note: "Print Preview" will also work as a "Calc" button.

  • I’m entering a loan where the first payment isn’t due for 3 months from origination. It will create negative am for the first couple of months but the calculator is showing the interest is paid current prior to the first payment (which I don’t want). Any suggestions?

    • Yes, of course. 🙂

      Click on "Settings" and select "Long/Short Period" options.

      For long initial periods, you have 4 options.

      The options are explained in more detail here. (Scroll down the page to "About Dates, First Period Interest & Year-End Totals")

  • D Vanseader says:

    Need to do amortization schedule for a loan of 1.1m, first year interest 2% years 2-5 3%.
    How would you enter that?

    • The amortization schedule is for fixed-rate loans as you’ve discovered.

      You’ll need to use this much more flexible calculator. It will allow you to change the interest rate for a loan on any date.

      Once on the page, scroll down to the list of tutorials and check out tutorial #4 "Adjustable Rate Mortgage or Loan Calculator."

  • Stacy J. Murphy says:

    Hello,
    Do you have a single calculator for a loan that will have interest only payments for the first year, regular payments commencing after that, based on a 10 year amortization with a 5 year balloon payment?
    Thank you.

    • Hi, sure do. Please see this calculator.

      Scroll down the page for the tutorials. There’s one for the initial interest-only payments and a couple for the balloon payments.

      Basically, and this will make more sense when you see the calculator, your first row will be for the loan amount, the 2nd row will be for the interest-only payments, the third row will be for the principal and interest regular payments and the fourth row will be for the one balloon payment.

      • Hi Karl,
        I am having a hard time with the UFC. It won’t take any data from me — defaulted at first to a 250K loan and then to a 32K loan and won’t let me backspace to delete or highlight and overwrite. Also, I looked tha the tutorials and I do not see how this calculator will give me both the one year interest only and the balloon at 5 years. Perhaps I am not sophisticated enough. Right now I am preparing a transaction and I am just showing two schedules — one for interest only and one for the balloon with a first payment pushed out one year.

        • So there are two difficulties here. The first with the data entry. All inputs for all calculators work the same way. The way I prefer to work is to tab to each input. The number will be selected. Just start type number (no commas or symbols) to change the number that is highlighted. If the number is highlighted, and you type a backspace, that will clear the entire number which is okay too. It just isn’t necessary.

          The UFC will handle any cash flow, but there certainly is a learning curve, no doubt.

          I suggest that you take it a step at a time. Read tutorial #1 for an overview. This tutorial presents the general concepts. When you read a tutorial, I suggest having the calculator open in a different browser next to the tutorial and go through each step at a time.

          Then read the interest-only initial periods tutorial – #14.

          Then there are two tutorials for loans with balloon payments – #7 and #8.

          At a high level, the calculator works by building the cash flows. The first thing that happens is the loan – row 1. Then the 2nd row is the interest-only payments, etc as mentioned previously. To create the schedule, you’ll do it in a few steps, not one. After all, you have multiple unknowns (I assume). The calculator will calculate the interest amount for the interest-only payments. Then it will calculate the P&I payment based on a 10-year term. Then it will calculate the balloon based on 5 years of payments.

          It will do what you want. If something isn’t clear, please ask specific questions about what’s not clear. (There’s not much sense in going into more detail here, I’ll just repeat what’s already written up in the tutorials.)

          • Hello Karl,
            Thanks for your reply. I use your calculators all the time, and have not had any difficulty with inputting the data or understanding the variables. There does seem to be a technical problem that I don’t believe is on my end. It simply will not let me put in a loan amount, and I never get to a screen with four rows as you describe. I am a bit disappointed, as it would be nice to have an elegant schedule showing both.
            Thank you again.

          • Hi Stacy. Did you actually step through tutorial 1 as suggested? If so, what step gives you a problem? Are you saying the calculator does not allow you to do step 7a? If you just jump in and start by changing a few settings or numbers, that most likely will give you difficulties because the calculator does have certain built-in dependencies or rules that might not let you do what you want to do. Without knowing the specific steps you are taking, I can’t give you any guidance on why you don’t get to a screen with 4 rows. That calculator is a flexible tool. That’s why it will do what you need to do, but it does take some getting used to, and that’s why there are 25 step-by-step guides (and not that they cover everything either).

      • Hi Carl,
        I need to create an amortization schedule for a business loan that has a daily repayment schedule, but only on business days (no holidays or weekends). Can I use one of yours?

        • Hi Sue, yes, you can create a loan with daily payments (on business days) with this calculator. This calculator allows users to have payments on any date. You’ll probably want to look into the "skip series" feature to automatically skip over weekend days.

  • We are using your loan amortization schedule and we made a extra one-time payment. How do I take that payment into account and recalculate the interest and payments due. We want to keep the payment amount the same and early pay the loan.

    • This calculator will not accommodate an extra payment.

      However, this loan calculator will. It has the same features including the ability to create an amortization schedule, plus a few more such as support for extra payments.

      If this doesn’t give you enough flexibility, let me know. There are other calculators here which might.

  • Patricia L Sosbe says:

    I need an amortization schedule for a no interest loan. No matter what I try, it calculates an interest rate.

    • Under "Amortization Method", set it to "No Interest". That setting is what tell the calculator not to calculate an interest rate.

  • Herbert Schultz says:

    I am trying to construct a loan repayment schedule that will tell me what the first years repayment amount is using say the following information:
    Loan amount = 100 000. repayable monthly in arrears
    Term = 5 years
    Interest Rate = 7% p.a.
    Annuam Escalation = 10%
    Calculate the first years’ monthly payment so that the loan is fully repaid in month 60.
    The schedule should be flexible so that any of the input information can be amended ie the term reduced or extended. Interest rate amended to higher or lower than that quoted. And the escalation rate adjusted up or down.
    The answer schould always come back to the first payment that needfs to be adjusted.
    Thanks

    • You’ll need to use this financial calculator.

      This calculator gives the user full control. Once on the page, scroll down to the tutorials. For one thing, I believe you’ll want to use the "Percent Step" series.

      Once you give it a try, if you have any questions, you may ask them at the bottom of that page.

    • From the print preview mode, click on PRINT again. This will open the browser’s printer configuration window. Select print to PDF and click save. (Chrome works this way anyway.) Then you can email the PDF.

  • I put in the top 6 values The first line of the schedule shows a payment of 89.88 (there was no payment). I have tried tweaking this to get that line removed, but I cannot. Why does it say there was a payment??

    Loan $38,613.36, # Payments 60, Rate 5.99%, Payment amount $748.16, Loan date 07/28/20 1st Payment Due 09/11/20

    Line 1: Loan 07/28/20 payment 89.88 interest 89.88 prin 0.00 balance 38,613.36

    • Ahh, you’ve discovered the feature that attracts a lot of users to this calculator – its accuracy and flexibility.

      I’ll assume the payments are scheduled to occur monthly. If so, with the loan date 07/28/20 and the 1st payment on 09/11/20, you have what we call a "long first period." That is, the first period is longer than the other scheduled periods.

      The question is, how do you, the user, want to account for the interest for the longer period? Under "Settings", -> "Long / Short Period Options" you’ll see several choices. The default is to pay the "extra" interest when the loan originates (that’s what my lender wanted when I took out a mortgage 28 years ago). Another option allows you to show the extra interest with the first payment. You’ll see 2 other choices too.

      Hope this helps.

  • Tom Henderson says:

    I am trying to set up an amortization for a $10,000.00 loan made on August 15, 2019, providing for quarterly payments over three years, with the first payment deferred to August 15, 2020. The information was input into the calculator, but the table generated provides for a payment of $303.01 on the origination date with the next payment to be made on the date provided for the first payment. There should, to my understanding, not be any payment on the origination date.

    (This was generated for a loan to a nonprofit, where we agreed to defer the start of payments for a year with equal quarterly payments beginning on the first anniversary of the loan. I’m trying to get the calculations to match the amortization table prepared last year, which calls for quarterly payments of $915.69. Now I can’t find the calculator I used last August.)

    Whatever help you can provide is appreciated.

    • A couple of things. First, you can use this calculator to recreate the amortization schedule you have. Instead of entering 0 for the payment amount, enter the payment amount you want and 0 for the number of payments.

      The reason you see the payment on the origination date is there’s a long first period. The calculator defaults to having the borrower pay the extra interest at the origination. But the user has control over this.

      Click on settings and check out the options for long/short period interest. My guess is, you’ll want to see it amortized to keep all payment level.

  • I am trying to use your amortization calulator for a three year loan, 4.25% simple interest with no payments until maturity — just a single balloon payment after three years. No prepaid interest. When I set it for three years and one payment on the last day of the third year, the calculator wants to put in prepaid interest. Is there a different calculator I should try? Also, I want to use 365 day year. Your information says I can click settings to change it from the default 360 day year, but I can’t see where to click “settings.” Can you help?

    • This calculator will do what you want.

      I’m not sure why you can’t see the "Settings" button. What type of device are you using? There’s a row of buttons with "Calc" on the left and "Help" on the right, and the "Settings" button is to the left of "Help."

      For "Number of Payments" enter a "1." To control how and when the interest is due, under "Settings" select "Long / Short period options" and you’ll want to set it to "With First."

      This should get you started. If you have other questions, just ask. I’m really interested about the "Settings" button problem you are having. Please let me know.

  • Good Afternoon,

    I like all the options for calculators available on your site, thank you. I am refinancing my loan and am considering extra principal payments each month. Someone I know mentioned a new method I have not read about before and I would like to calculate it out if possible? I have a 15 year fixed loan at 2.49%. I am to pay the next month’s principal with the current month’s payment (principal & interest). So based on the amort. calculator I would pay $1066.11+735.63 in my first month. Then next month I am supposed to skip and pay the following month’s principal again. (Essentially I would like to pay off the loan in half the time, if possible, without being obligated to make the large monthly payment if I can’t). Not sure if there is a name for this kind of payment plan but is this something I can compute on one of the site’s calculators? Your help is appreciated! Thank you!

    • Thank you. I’m glad you are finding the calculators useful. You can do what you want to do with this financial calculator.

      The calculator allows you to pay any amount on any date. I think what you’ll need to do is create the loan schedule as per the terms of the loan, then go an using that schedule, insert the extra payments you want to make.

Comments, suggestions & questions welcomed...

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