# 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.

## 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

**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"

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

To Quickly

Pick a Date

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. 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 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!).

### 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

## Andrea Broussard says:

Would someone please tell how do I get this calculator for use on my website. Is it free or needs to be purchased. If either or please advise.

Respectfully,

## Karl says:

This calculator is not available for other websites at this time.

Please use the link to the loan calculator that I just provided on the plugin page.

## CHERYL A PELOQUIN says:

HOW DO I DO $480,000 FOR 6 MONTHS INTEREST ONLY, THEN DO AMORTIZATION ON BALANCE?

## Karl says:

Use this calculator. You can see these tutorials. #14 is about an initial interest only series.

## P.McKay says:

What Calculator do I use for interest only payments (with possible additional principal payments), interest figured on date paid, with possible draw options thru the loan?

## Karl says:

Use the Ultimate Financial Calculator. You can see these tutorials. #14 is about an initial interest only series. There are other tutorials (specifically #25) about making payments on any date.

## Tyson says:

How do I set the calculator to adjust the final payment rather than the first? I have set the rounding correction to be on the final payment, but the schedule still changes my first payment as well.

## Karl says:

You didn’t give me enough details to give you a specific answer. But, under "Settings", you’ll see "Long/Short Period Options". These options control the payment and interest for the first period. If your first period is a longer duration than the other periods, you might want to pick "Amortized" If you still need assistance, please provide ALL the loan specifics.

## Steven Veldkamp says:

When going 45 days to first payment, is there a way to have the calculator “roll” the first interest only payment into the payments? I would like to calculate without the first interest only payment. Thanks!

## Karl says:

Yes. Under "Settings", select "Long/Short Period Options". You’ll want to pick "With First."

## Teresa Bland says:

My father holds several mortgages and his borrowers often pay late, miss payments all together, or pay lower amounts than due, then sometimes pay extra in an attempt to get caught up. Is it possible for me to save the amortization schedule so that I can just add the payment (or missing payment plus late fee) each month.

## Karl says:

Yes, but you need to use a different calculator.

Pleases see this loan payoff calculator. This calculator allows users to track payments, for any amount, as they are paid.

## Matt says:

I’m looking to set up an amortization that has 308 daily payments on weekdays only. Is that possible?

## Karl says:

Not with the amortization schedule, but you can with the Ultimate Financial Calculator.

For "Cash Flow Options", you’ll want to set up a "Skip Series" to avoid the weekend days.

Note the link on the above page to the various tutorials. Also, if you have any questions, you can post them there.

## Larry says:

Lovely work. Amortization schedule is sometimes some pennies off compared to what financial calculators (and Excel) produce. Example:

2,000,000 loan

12% interest

360 payments

payment amount 20,572.26 (one penny higher than calculated amount).

Payment 83 interest should be 19,278.23, not 19,278.22 (The exact amount of interest is $19,278.225 which be rounded up not truncated).

The problem may be due to not rounding the balance to the penny when the row is calculated. If the resulting balance is minutely under the “exact” value the subsequent calculated interest might be off a penny.

OK, fine point but I personally believe all amortization schedules should use rules that produce exactly the same results (to the penny) for identical inputs. Yes, I know they don’t! And it might not be possible to avoid all rounding errors.

## Karl says:

Thanks for your commment. I appreciate it.

I assume you saw that the calculator lets you set the payment amount, so you can use $20,572.26. Any payment amount is fine as long as the lender and borrower agree to it.

With respect to rounding, I think I have it set for "round-to-even" or sometimes known as Banker’s rounding – but I would have to check that. 1/2 is rounded to the nearest even value.

## Karl says:

As a side note, a 20,572.25 payment amount seems to be more accurate than a 20,572.26 amount.

If interested, take a look at the schedule using the print preview button and scroll down to the footnote. If you use the 20,572.25 amount, the final payment only requires a 6.95 final rounding adjustment, while the 20,572.26 payment requires a 20.16 final adjustment.

What also is interesting (I think), the banker’s rounding (rounding to even) leads to a greater "error" than conventional rounding in this example. Conventional rounding, with a 20,572.26 payment results in a 20.0 final adjustment.

As you might say, all fine points.

## Johnny says:

Can this calculator support a residual payment at the end?

For example, 60 instalment of $1,000 monthly repayment and one $9,000 residual payment at the end.

Please advise. Thanks.

## Karl says:

It can. What happened when you entered the initial loan amount, 60 periods, the interest rate, and the $1,000 monthly payment. The final payment (#62) would be the residual (or as I call it, balloon payment).

If you try it and don’t get the results you expect, let me know what’s not right for you. There are other calculators the might meet your needs.

## Johnny says:

Thanks. I still can’t get it. The interest rate is unknown. I just know the initial loan amount, no of payment and amount and balloon payment. Please advise. Thanks.

## Karl says:

I assume then you know the loan amount?

If so, then use this balloon payment calculator.

You’ll enter "0" for the interest rate, the loan amount, the number of 1,000 payments (i.e. 60), the "periodic payment amount" (1,000) and then the balloon payment (9,000). It will calculate the interest rate for you.

## Mark Dubay says:

Hi. Interested in creating an amortization schedule for a business we are selling. Would be amortizing two million dollars for ten years. Easy enough. However are there any calculators that could create an amortization schedule with escalating payments? Would like to offer the buyer lower payments in the first three years and then have them increase. I understand we could go with balloon payments but we feel a more comfortably way for the buyer to purchase would be lower payments in the beginning while they become comfortable with operating the company. Company continues to show growth and has for the past ten years.

Thanks very much, Mark

## Karl says:

Sure, easy enough.

Please use Ultimate Financial Calculator. You can add or create a special series with either a percent step or an amount step (under "Cash Flow Options"). Take your pick. The change can happen when you want them to happen. Scroll down the page and click on "Tutorials" for details.

## Mark Dubay says:

Hi Karl. Thanks so much for the speedy response! Did not see the link before that you have sent. Will begin on Monday.

Mark