# Accurate Amortization Calculator

Create a printable amortization schedule, with dates and subtotals, to see how much principal and interest you'll pay over time. This calculator will calculate an uknown payment amount, loan amount, rate, or term.

## What is an amortization schedule?

An amortization schedule is the loan report showing the amount paid each period and the portion allocated to principal and interest. The schedule will frequently also show the date the payment is due or paid and subtotals for each year.

## How do I create an amortization schedule?

- Leave all inputs and setting set to their defaults, and:
- Enter the "Loan Amount."
- Enter the expected "Number of Payments."
- Set the anticipated closing date and first payment due date.
- Enter the anticipated "Annual Interest Rate."

- Set "Payment Amount" to "0."

(the unknown) - Click either
**"Calc"**or**"Print Preview"**.

That's it! That's all you need to do to create your schedule quickly.

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

Then keep reading. I'll explain all the options below. More

**Subscribe to**

*SolveIT!*for unlimited printing and file saving.- Feb. 16: On smaller desktop monitors, the browser should set the calculator, by default, to an easier-to-use size — no change for mobile devices. Users can always adjust the size by clicking the '-' or '+' buttons. Please let me know if you have any difficulties. The sizing improvement will be rolled out to nearly all calculators over the coming weeks.
- Jan. 10, 2024: Changed the default long and short-period interest options under "Settings." This means
**you will not get the same results**you previously had__unless__you reselect your preferred setting. - 2023: Save any schedule's data to
**Word/docx**or**Excel/xlsx**files. Click on "Print Preview" then "Continue" past the title page.

### 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 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:

- the amount borrowed, i.e., the*Loan Amount**principal*amount. It does not include interest.- 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)*Number of Payments (term)*- the nominal interest rate. This the quoted interest rate for the loan.*Annual Interest Rate*- the amount that is due on each payment due date. For "normal amortization," this includes principal and interest.*Payment Amount*

**Set one of the above to 0 if unknown.**

*How do I calculate how much I can borrow?*- set the loan amount to zero
- enter the number of payments
- enter the annual interest rate, and
- enter the expected or desired payment
- click "Calc" or "Print Preview"

*How do I calculate how long it will take to pay off a loan?*- enter the loan amount
- set the number of payments to zero
- enter the annual interest rate, and
- enter the expected or desired payment
- click "Calc" or "Print Preview"

*What interest rate allows me to pay $500 a month?*- enter the loan amount
- enter the number of payments
- set the annual interest rate to zero, and
- enter $500 for the payment amount
- click "Calc" or "Print Preview"

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

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

### Which two dates are most critical to an accurate amortization schedule?

To Quickly

Pick a Date

- the date the money is available. It is also known as the**Loan Closing Date****origination date,****loan date,**or**start date**.- for leases, it may be the same as the closing date; otherwise, payments will usually start sometime after the borrower has had access to the loan proceeds.**First Payment Due**

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 Period or 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 closing date).*Compounding Period or Frequency*- 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.

### Five loan options you may want to tweak.

*These options are available by clicking on "Settings."*

**360 / 365 / 366 - days-per-year option**. This setting, also known as the**day count convention**, 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. The 366 days in year option applies to leap years, otherwise the interest calculation uses 365 days.**Payment & Initial Period Interest Options**- settings for how interest is shown on the schedule when the initial payment period (the time between the closing 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.

## 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 various iPhones printing to an HP LaserJet Pro printer.)

DO **NOT** USE THE PRINT SELECTION FROM YOUR BROWSER'S MENU.

Make sure you are printing from the "**Print Preview...**" window where there is a print button along with .docx and .xlsx buttons.

If you are using a modern browser, you can print to a **PDF** as well. For example, if you are using Chrome, click on the menu (the three verticle dots) and select "Print..." Click on the "Change..." button and select "Save as PDF." Other browsers will work similarly.

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!).

### How do I create Excel/xlsx or Word/docx amortization schedules?

From the "Print Preview" screen (after the title page) along with the print option, you'll be given the option to save the full amortization schedule to either an Excel/xlsx file or a Word/docx file. When exporting to Excel, the schedule is exported as data (no formatting). The dates and numbers are are represented in Excel as true dates and numbers and not text. The user can apply their own formatting as desired.

If you save to a Word/docx file, the amortization schedule is nicely formatted. You are free to add your own notes or to change the formatting, fonts and style as needed. Also, in my opinion, the Word amortization schedule is a bit prettier than the one you can print using the print button.

## Beyond Basic Amortization Schedules

Hopefully, you'll find this to be a full-featured amortization calculator. If there's something you need, and it's not clear how to accomplish it, you may leave your question in the comments below

## Teresa Johnson says:

When I try to print from the Print View button, it says I have printed my maxium amount of schedules. It wants me to go to another site and sign up for a subscription. Is the correct?

## Karl says:

For unlimited printing, file saving and exporting to .xlsx and .doxc files, a person must subscribe to the site.

Click on the subscription button at the top of the page.

It is not taking you to another site.

## jlb1943 says:

I have a subscription dated June 2023 and I am unable to print

## Karl says:

Did you log in?

If so, did you click on the link on the page you see after the login?

If you see advertisements, you are in the wrong section of the website. There is a section of the website for subscribers that does not have 3rd party advertisements.

## WalkerLaw says:

We just subscribed to Ultimate Financial Calculator, Invoice #FCCF1F19EC on January 8, 2024 for the Walker Law Office, P. C.

I cannot print my amortization schedule as it tells me that I have reached the maximum and need to subscribe. I had closed and reopened the amortization schedule and re-entered my information.

How do I get it to let me print?

## Karl says:

If you subscribed to the Ultimate Financial Calculator, please use that calculator to create your amortization schedule.

Please review the email you were sent with the subscription.

Please review the subscription options on the subscription page.

Please see the note above the amortization schedule calculator that tell you what product to subscribe to in order to have unlimited printing with the Amortization Schedule Calculator.

## Nicole says:

We provided a loan in the amount of $150,000. The loan date was 11/30/23. Interest at 5% began accruing though first payment date is not until 4/1/24 (at earliest but may change to 5/1/24) and no money was collected at that time. Payment amount will be at least $4000/month. Do you have a form that will show interest accruing monthly and allows me to change the payment amount (if more is paid than $4000/mo) as the loan is paid?

## Karl says:

Yes.

Please use the Ultimate Financial Calculator.

To get started with using it, please see these tutorials and/or this YouTube channel.

## Kat says:

I need to create a schedule that has equal payments. What setting do I need to adjust for that? Every time I try, the last payment is different than the rest.

## Karl says:

Did you see the rounding options under settings? Those may help.

But, amortization may require an adjustment with the last payment. Nothing can be done about that. It is a mathematical problem. The interest for any given period doesn’t (usually) work out to an exact penny, but payments can only be made to the penny. What if interest is actually $248.536? What do we do with the extra 0.006 cents? It leads to a rounding adjustment at the end.

That’s why the schedule has a rounding message in the footer.

## Karl says:

On the other hand, the amount you are seeing should be very small.

If not, you need to give me all the details. The details are important. Do you have a long or short first period? How are you handling that? Look at the interest options under settings.