# Accurate Amortization Schedule

## How to Create an Amortization Schedule

- Leave all inputs and setting set to their defaults, and:
- Enter the "Loan Amount."
- Enter the expected "Number of Payments."
- 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

### 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"

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

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

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

- the date the money is available. If the loan is for a vehicle or home, it is also known as the loan's**Loan Date****closing date,****start date,**or**origination date**.- for leases, it may be the same as the loan 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 loan 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 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.*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.

## 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 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!).

## Beyond Basic Amortization Schedules

Hopefully, you'll find this to be a full-featured amortization schedule 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

## Natalie says:

Is there an amortization schedule out there I can use for variable months? I have a loan I am trying to work out, but the payments are sporadic or no payments in the beginning then follows a monthly payment schedule after a few years.

## Karl says:

Yes, there is. Please see this loan payoff calculator.

Scroll down the page for instructions on how to use it.

If you have any questions, just ask.

## Arnold says:

Hi Karl,

1. Can you share the formula you are using to calculate pmt when the first payment is shorter than the average interval and the user has selected equal instalments vs when the user select reduce first payment

2. Do you have an API? Thanks

## Karl says:

Hi Arnold,

1. No.

2. No.

Regarding #1, I don’t think the calculation can be done with a formula. I’m using a couple of hundred lines of JavaScript code.

## Robinson Gomez Rosario says:

hola como esta hay forma de tener esta calculadora asi mismo tal cual para worpress?

## Karl says:

Sorry, but no.

Lo siento, pero no.

## Liz Clarke says:

In the Annual Interest rate how do I enter 3.02% ?

I’ve tried many many times.

Liz

## Karl says:

I’m sorry you are having a problem, but I don’t see any issues.

Assuming you have the currency set to US, type 3.02.

What browser are you using? Are you on a desktop or mobile device (or perhaps a tablet)?

Do you have problems entering any of the other values? Can you enter a loan amount that also includes change, such as 12345.67?

If you still have a problem answers to the above questions will help me track this down.

## Liz Clarke says:

Karl, thanks for your prompt reply. After experimenting I finally was able to enter 3.02% by typing 003.02 very slowly and deliberately.

I’m using Firefox on a MacBook Pro.

All the other values were fine.

I know how to do it now so hopefully I won’t have that problem again. If I do I’ll be in touch.

Liz

## Karl says:

I’m glad you figured out a way to get it to work. Thank you for letting me know. I had never heard this before. And it’s surprising that you need to type the leading zeros.

You might find that Safari works better. Unfortunately, I do not have a Mac available for testing.

## Karl says:

You do NOT type the percent sign, by the way.

## Brian says:

Whenever I go to use the amortization-schedule calculator I get the following error.

“Failure to fetch dynamically imported module:

https://accuratecalculators.com/wp-content/themes/accurate/js/ac.equ_rpt_chart.amort.min.js

I am using a bookmark to get to the site also using Edge as the browser.

## Karl says:

I’m sorry you are having a problem with the calculator. However, I can’t duplicate it.

What version of Edge do you have installed. For the calculator to work, you must have Edge v79 or greater (released in 2018).

Do you have another browser installed that you can try? Is it possible for you to clear your browser’s cache and try again (let me know if you need help doing this).