Accurate Amortization Calculator
Introduction to Amortization
Create a printable amortization schedule with dates to see how much principal and interest you'll pay over time.
- Export to Excel/.xlsx and Word/.docx files.
- Calculate loan payment amount or other unknowns
- Supports 9 types of amortization.
- User can set loan closing date and first payment date independently.
- Automatically calculates prepaid interest
Create a printable amortization schedule that includes payment dates and annual subtotals. The schedule shows how much principal and interest you will pay over the life of the loan. The calculator can calculate any one unknown value: the payment amount, loan amount, interest rate, or loan term.
- What is an amortization schedule?
- An amortization schedule is a table that shows a loan’s complete repayment plan. It lists each payment, detailing how much is applied to the loan’s principal and how much to interest, along with the remaining loan balance. Ideally, the schedule includes payment dates, and year-end subtotals.
- How do I create an amortization schedule?
- Leave all inputs and settings at their default values, then:
- Enter the Loan Amount.
- Enter the expected Number of Payments.
- Set the anticipated closing date and the first payment due date.
- Enter the expected Annual Interest Rate.
- Set the Payment Amount to 0.
(This tells the calculator to solve for the payment amount.) - Click either or .
- Leave all inputs and settings at their default values, then:
That’s it. These are the only steps needed to generate your schedule.
If your loan terms differ from the calculator’s default settings, additional options are available.
Keep reading. The following sections explain each option in more detail. More…
Create an amortization schedule with user-specified dates.
To set your preferred currency and date format, click the “$ : MM/DD/YYYY” link in the lower right corner of any calculator.
Information
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Useful Details —
They Will Help You Get What You Need
First — You must enter a zero (0) in any field where you want the calculator to solve for a value.
Why is this necessary?
The calculator generates a schedule based on the loan terms you specify. The payment amount can be any value, as long as both the lender and borrower agree. There is no single “correct” payment. If the calculator always solved for the previously unknown value, this feature would not be possible.
TIP — Use the amortization schedule to verify the periodic interest charges. These interest values are the most important amounts for borrowers to double-check.
Four values you must always set:
- Loan Amount — The total amount borrowed, also called the principal. This value does not include interest.
- Number of Payments (term) — The length of the loan, measured in payment periods. This value depends on the Payment Frequency setting. For example, for a 15-year loan with biweekly payments, enter 390 as the number of payments.
(390 biweekly payments = 15 years) - Annual Interest Rate — The nominal (quoted) interest rate for the loan.
- Payment Amount — The amount due on each payment date. For a standard amortizing loan, this value includes both principal and interest.
Set one of the values above to 0 if you want the calculator to solve for it.
What two dates are critical for an accurate amortization schedule?
If you only need an estimated schedule, you can skip this section.
For a schedule that is accurate down to the penny—including correct calculation of stub period interest—it is worth taking a few moments to understand the available date settings.
- Loan Closing Date
- This is the date the loan funds become available. It is also called the origination date, loan date, or start date.
- First Payment Due
- This is the date the first payment is scheduled. For most loans, payments typically begin after the loan funds are received. For leases, this date may be the same as the loan closing date.
Important — Entering actual dates may result in interest and payment calculations that differ from those of other calculators.
That is by design.
However, if you want your results to match those from other calculators, then set the "Loan Date" and "First Payment Due" so that the time between them equals one full period, based on the "Payment Frequency" setting.
Example: If the "Loan Closing Date" is April 10th and the "Payment Frequency" is "Monthly," then set the "First Payment Due" to May 10th—if you want to estimate interest based on one full month.
More details about stub period options, including odd-day and irregular-period interest.
Four loan options you likely do not need to change
- Payment Period or Frequency — How often should payments be made? The calculator supports 11 options, including biweekly, monthly, and semiannual (commonly used for bond coupon schedules). Payment dates are calculated starting from the first payment due date, not the closing date.
- Compounding Period or Frequency — In most cases, the compounding frequency should match the payment frequency. This results in simple periodic interest. Selecting Exact/Simple calculates interest based on exact day counts using a simple interest method.
- Points — One point equals 1% of the loan amount. Points are commonly applied to U.S. mortgages.Learn more about points, fees, and APR support.
- Amortization Method — Leave this set to normal unless you have a specific reason to change it.See all nine amortization methods.
Five loan settings you may want to adjust
These options are available by clicking Settings.
- 360 / 365 / 366 — Days-per-year setting. Also called the day count convention, this affects interest calculations when you select a day-based compounding method (such as daily, exact/simple, or continuous), or when the loan includes an irregular first period. The 366-day option applies in leap years. Otherwise, 365 is used.
- Payment & Initial Period Interest Options — Controls how interest is calculated and displayed when the first period (from closing date to first payment) is longer or shorter than the standard interval.More details and examples.
- Last Period Rounding Options — Because payments and interest are rounded to the nearest cent (e.g., $345.0457 is rounded to $345.05), most loans require a rounding adjustment in the final period. A note on the schedule will show the exact adjustment.
- Points, Charges, & APR Options —Learn more about loan schedules with points, fees, and APR options.
- Year-End Month — Sets the month after which year-end and running totals are calculated. This is helpful for businesses with a fiscal year that does not match the calendar year.
FAQs — Frequently Asked Questions
- How do I calculate how much I can borrow?
- Set the Loan Amount to 0.
- Enter the Number of Payments.
- Enter the Annual Interest Rate.
- Enter the expected or target Payment Amount.
- Click or .
- How do I calculate how long it will take to pay off a loan?
- Enter the Loan Amount.
- Set the Number of Payments to 0.
- Enter the Annual Interest Rate.
- Enter the expected or target Payment Amount.
- Click or .
- 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 0.
- Enter $500 as the Payment Amount.
- Click or .
Printing the Payment Schedule
Printing works from any type of device. For example, you can print a clean, well-formatted schedule directly from a smartphone to a wireless printer.(This functionality was tested on various iPhone models printing to an HP LaserJet Pro.)
Do not use your browser’s built-in Print menu option.
Always print from the “Print Preview…” window. This screen includes a print button, along with export buttons for .docx and .xlsx formats.
If you’re using a modern browser, you can also print to a PDF. For example, in Chrome, open the browser menu (three vertical dots), choose Print…, then click Change… and select Save as PDF. Other browsers offer similar functionality.
If you encounter printing issues, please let us know which browser and version you’re using. While we test across several browsers, we are unable to test with all printer models (unless you’d like to donate one!).
(Chrome, Edge, and Firefox all offer a “Save to PDF” option in their print menus.)
How do I create Excel (.xlsx) or Word (.docx) amortization schedules?
From the Print Preview screen (after the title page), you’ll see options to export the full amortization schedule as either an Excel (.xlsx) or Word (.docx) file. When exporting to Excel, the schedule is saved as unformatted data. Dates and numbers are preserved as true Excel date and number values—not text—so you can apply your own formatting.
When exporting to Word, the schedule is formatted for readability. You can edit the document freely, adding notes or customizing fonts, styles, and layout as needed. (In our opinion, the Word export is more visually refined than the version printed directly using the print button.)
Amortization Equations
Payment Amount Equation
Fig. 4 — Step-by-step solution of the monthly payment amount equation.
Variables: L = 50,000; c = (5% ÷ 12 months); n = 60.
Variable Definitions
- P
- Payment amount
- L
- Loan amount
- n
- Number of months. The term of the loan.
- c
- Monthly interest rate (nominal annual rate divided by 12).
Calculation Steps
- Substitute the given values into the annuity payment formula:
P = 50,000 × ( (r/n)(1 + r/n)60 ) ÷ ( (1 + r/n)60 – 1 ), withr = 0.05andn = 12. - Evaluate the periodic rate:
r/n = 0.05/12 ≈ 0.0041666666667…, and substitute it into the formula. - Simplify the base term:
(1 + 0.0041666666667…) ≈ 1.0041666666667…, keeping the exponent of 60 in both the numerator and denominator. - Compute the fraction:
(0.0041666666667… × (1.0041666666667…)60) ÷ ((1.0041666666667…)60 – 1) ≈ 0.018871233644…, then multiply by 50,000. - Round the payment to two decimal places for reporting:
P ≈ $943.56.
Step-by-step Solution – Fig. 4
P = 50,000 × ( (0.05/12)(1 + 0.05/12)60 ) ÷ ( (1 + 0.05/12)60 – 1 )≈ 50,000 × ( (0.0041666666667…)(1 + 0.0041666666667…)60 ) ÷ ( (1 + 0.0041666666667…)60 – 1 )≈ 50,000 × ( (0.0041666666667…)(1.0041666666667…)60 ) ÷ ( (1.0041666666667…)60 – 1 )≈ 50,000 × 0.018871233644…≈ 943.56
Final Answer
The final answer (P) is approximately 943.56.
Validate the calculator. Inputs for a six-year amortization.
| Loan Amount: | $50,000.00 | Number of Payments: | 60 |
|---|---|---|---|
| Annual Interest Rate: | 5.0000% | Payment Amount: | =943.56 |
| Loan Closing Date: | First Payment Due: | ||
| Payment Frequency: | Monthly | Compounding: | Monthly |
| Points: | 0.0 | Amortization Method: | Normal |
Notes:
- This example uses the same calculation shown in Fig. 4.
- Enter a zero for the payment amount. The calculated result matches the result above.
- The “Days In Year” setting has no effect in this example because the period spans exactly sixty months with no extra days.
Amortization Equation
Fig. 6 — Step-by-step solution of the normal (general) amortization equation.
Variables: L = 50,000; R = 5%; n = 60; A = 943.56 (See Fig. 4).
Normal amortization, for any period: ending balance = beginning balance + periodic interest − payment.
Variable Definitions
- R
- Nominal annual interest rate.
- i
- Periodic interest rate.
- I
- Periodic interest amount.
- r
- Growth factor per period (also called the per-period accumulation factor).
- t
- Period number.
- Pt-1
- Outstanding balance at the start of period t.
- Pt
- Outstanding balance at the end of period t.
- L
- Loan amount.
- n
- Number of months. The term of the loan.
- A
- Monthly payment amount.
Calculation Steps
- Compute the periodic rate:
i = 0.05/12 ≈ 0.00416666666…. - Compute the per-period growth factor:
r = 1 + i ≈ 1.00416666666…. - Set the period:
t = 1. - Start-of-period balance:
Pt−1 = 50,000. - Accumulate interest for the period:
50,000 × r ≈ 50,208.33333…. - Round the accumulated balance for display:
≈ 50,208.33. - Interest for the period:
I = 50,208.33 − 50,000 = 208.33. - Subtract the payment to get the end-of-period balance:
Pt = 50,208.33 − 943.56 = 49,264.77.
Step-by-step Solution – Fig. 6 (first period)
i = 0.05/12 ≈ 0.00416666666…r = 1 + i ≈ 1.00416666666…t = 1Pt−1 = 50,000= 50,000 × 1.00416666666… ≈ 50,208.33333…≈ 50,208.33I = 50,208.33 − 50,000 = 208.33Pt = 50,208.33 − 943.56 = 49,264.77
Validate the calculator. Five-year, sixty-month amortization schedule proof.
| #/Year | Date | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|
| Loan start | 0.00 | 0.00 | 0.00 | 50,000.00 | |
| 1:1 | 943.56 | 208.33 | 735.23 | 49,264.77 | |
| 2:1 | 943.56 | 205.27 | 738.29 | 48,526.48 | |
| Periods 3–59: Intermediate calculations. | |||||
| 59:5 | 939.75 | ||||
| 60:5 | 943.56 | 3.92 | 939.64 | 0.11 | |
| Without any final rounding, a $0.11 principal balance remains. | |||||
| 60:5 (final adjustment) | 943.67 | 3.92 | 939.75 | 0.00 | |
| Last payment increased by $0.11 due to interest rounding. | |||||
Notes:
- The results in the above table are taken from the calculator. They match the calculation shown in Fig. 6.
Beyond Basic Amortization Schedules
Need more options?
Explore seven additional loan amortization calculators
- Mortgage Calculator — estimate future home value and compare it to the total mortgage cost
- Extra Payment Calculator — apply lump-sum or recurring extra payments with a full amortization schedule
- Loan Calculator — includes support for date-based calculations in a mobile-friendly layout
- Auto Loan Calculator — evaluate the full cost of vehicle ownership
- Biweekly Calculator — compare a biweekly schedule to a standard monthly repayment in a single view
- Ultimate Financial Calculator — build schedules with skipped payments, rate changes, and more advanced conditions
- Loan Payoff Calculator — track regular or irregular payments on any date
We hope you find this to be a comprehensive amortization tool. If you need help with a specific scenario or are not sure how to achieve your result, feel free to leave a question in the comments section below.
Renea says:
I am not able to print the amortization schedule using the print preview bottom as instructed. Am I missing something?
Karl says:
I just check it and it’s working for me. Do you get an error message?
When you click Print Preview button, a window will open that will give you the option to enter details that will be included on a title page for the printed schedule. You can enter the details or skip. Once you’ve done that, the print preview window will open and show you the schedule. Then you can click on the Print button in the top left of the preview window or in the bottom center, at the end of the report.
Please let me know what step is not working for you.
Bob Ross says:
How do I become a registered user so I can print the schedule?
Karl says:
At this time, no registration is required (but it may be in the future). You should be able to print without any issues. Let me know if you have a problem.
A says:
Hi,
I really like the way the results are presented, but it is possible that there is an error with the calculations? I’ve tried plugging in a few examples and the results differ from the numbers from I am expecting.
For example,
A $300,000 mortgage loan at 4% interest over 30 years fixed should yield a monthly payment amount of $1432.25.
However, this calculator shows the monthly payment to be $1437.47.
Please advise. Thanks!
Karl says:
At this point, given the number of years this calculator has been available and the hundreds of thousands, if not millions of users that have used it, I think it’s impossible there is an error in the calculation.
In fact, I think this is perhaps the most accurate amortization schedule available online.
Which brings me to your results and accuracy – for a $300,000 loan @ 4% with a 30-year term (360 monthly payments), I get $1,432.25 for the monthly payment.
I get these results IF the loan date is Nov. 1 and the first payment date is Dec. 1. Change the dates, and you’ll get a different result. That my point about accuracy. Dates matter when it comes to loans.
If you have different dates, and you still want the payment amount to be $1,432.25 then under “Settings,” look at your long period and short period interest options.
You can also enter any payment amount you want. After all, there really is no such thing as a right or wrong payment amount. They payment amount can be whatever the lender and borrower agree to.
Now the interest calculation is a different story. But I’ll save that for another day.
Stacy Murphy says:
How can I print your schedules? I have appreciated them and used them for years, and I used to be able to print, but cannot anymore. Is there a fee for registration? And how does a person register?
Karl says:
There’s not a fee.
Click on the "Print Preview" button. In the upper left corner or at the end of the schedule there are print buttons that when you click on either, will print the schedule.
Stacy Murphy says:
When I click print preview, there is a popup saying create title page. THere is nowhere to click to save or enter the title page. When I close out of that popup wiht the x button there is still no print preview, no thing to click to print, just the calculation like when you click “calc”. Help?
Karl says:
Oh, I see. Sorry, I forgot about the title page.
If you click the “X”, that just closes the window and you are back at the calculator, as you see.
Click the "Skip" button at the bottom to continue on to the print preview.
Stacy Murphy says:
There is not a “skip” button. Even when I check the box to skip the title page, it still brings up the title page every time. There seems to be a glitch in the print preview / print option. I would really love to be able to print your schedules, as other calculators don’t allow as much flexibility in loan terms and payment dates, etc.
Karl says:
If it brings you to the title page you can still scroll through the schedule and print print it (on the title page are the "Print" buttons, in the upper left and at the end centered). Then throw away the title page if you don’t want it.
Not an ideal solution, I know.
But what device are you using?
When you click print preview, the screen that opens so you can provide details for the title page should have 2 buttons at the bottom of the window.
"Skip Title Page" and "Continue"
You don’t see those? Is the window cut off at the bottom on your device? Can you try from a desktop?
Peter Abbo says:
In addition to fixed monthly installments, the seller wants additional lump payments in the 5th, 7th and 9th months.
Can this be calculated with this program?
If so, how ?
Karl says:
This calculator won’t do what you want.
But this this calculator will.
Check out these tutorials to get started.
Once you try it, if you have any questions, just ask.
Frank Fouts says:
Good Afternoon: I have used the amortization schedule for years and now today it will not print the schedule. It places part of the schedule in a box and then covers the top part with another box with July-December like it wants me to select a month. I use microsoft edge. I love this amortization calculator and schedule maker. So easy. Or at least it was.
Karl says:
Glad to hear that you’ve been using the schedule. But sorry to hear that you are now having a problem.
On the other hand, I can’t think of why there would be a problem. I’ve not put out any changes to the amortization calculator since before July 2021. So if it was fine after that, it should still be fine.
When you want to print, are you clicking on the "Print Preview" button? That should open a window that lets you enter details for a title page (if you want one). Fill those in (or not) and then at the bottom of the window click "Skip" if you do not want a title page, or click "Continue" if you do want a title page. There’s a checkbox so that you can always skip the title page if that’s your desire.
Then you should be in the schedule’s print preview. Click on either "Print" button, at the top left of the preview screen or at the end of the schedule, bottom center.
Please let me know how you make out. If still a problem, can you try Chrome?
Frank Fouts says:
Thank you for your latest response. It seems to be working now even though above the amortization input area it still reads “Amortizacion Calculadonra Calendario”. Finally though the title page does have the two boxes labeled as you said. Seems to be working as planned. I can’t tell you have great it is to have this tool working well for me again. Thank you so much.
Frank Fouts says:
I was able to find the old version in English once, but it wants to return to the Spanish version with the cover page, which cannot be removed, and a file option box. Choosing the Print Preview button continually places the cover page option over the screen with no way to remove it, even clicking the “don’t use it again” box does not work. I have tried to get the English version as default but have had no success. I did see that in the change of June 2021 you do require us to register, if necessary how do I go about that. Thank you for your response.
Karl says:
No registration is required at this time. All features are enabled for all calculators.
The Spanish and English versions are 2 separate calculators. They even have different features. Everything I’ve said is applicable to the English version.
For the English version, you should use this link.
Hopefully, that resolves for you the English vs. Spanish issues.
As to printing. What is the resolution of your monitor? Are you on a desktop? When you click on the "Print Preview" button, and the window opens that asks you for the details for the title page, you should see 2 buttons at the bottom of that window ("Skip Title Page" and "Continue"). Do you see them? If not, then something needs to be adjusted on your computer or browser. Can you make the browser bigger?
You’ve got to see those buttons and use one of them. If you click on the "X" in the top right, it just closes the window, and print preview will not open.
Frank Fouts says:
Good Morning again: I love your amortization schedule to abandon it so I need to register, or reapply, or get it fixed somehow. I had contacted you a while back and I still cannot get it to print. It changed when someone added the ability to “File” the data, and the title page was added. The top of the amortization schedule is in Spanish and when I push the print button, I can only print out the left side of the schedule. Hopefully others are not experiencing this issue when trying your program. It is one of the most flexible and I just love it. So let me know what to do next.
Karl says:
Hi, yes, let’s try to get this fixed for you. But to do that, I need meaningful details.
Is this the URL of the calculator you are using: https://accuratecalculators.com/amortization-schedule
If no, send me the URL. If yes, are you clicking the "Print Preview" button?
If no, please do so. If yes, then are you clicking either the "Skip Title Page" button or the "Continue Button"?
If no, please do so. If yes, then are you clicking either the "Print" button in the top left or bottom center of the amortization schedule that you’ll see?
Chagas Ferns says:
Hi, if my fixed interest rate on mortgage changes every year, how do I add that to the spreadsheet?
Loan amt – 500,000, term 30 years, current interest rate 3%. Over a period of 30 years, if I stay on annual fixed interest rate which could go up or down each year, how do I add that in the sheet x 30 times? Thank you
Karl says:
Please use this adjustable interest rate calculator. If the interest rate changes at any point during the term of the loan, then normally one would not refer to it as having a "fixed interest rate."
Or am I missing something?
Let me know how you make out with the above suggested calculator.
chagas says:
Hi, Thanks for the quick response. The interest rate will not change during term of loan. It will change every year at the end of fixed term which is 12 months. Is there a spreadsheet version for my use?
Karl says:
Okay, either way, please try the calculator that I recommended. It will handle the scenario that you mentioned.
There’s no spreadsheet version of this calculator.
Vivian says:
I have the amount of the $70K loan; 10/15/2005 date of the loan; 11/01/2005 date of first payment; 8% interest rate; and a monthly payment of $460.00. I want to know the maturity date (how many payments).
I followed your instructions below, but it did not calculate. Can you please help me. Thank you.
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”
Karl says:
You are setting up the calculation correctly. When you click "Calc", you should see a message, just below the calculator, that says:
What this means is, the payment amount is not enough to cover the interest due. The unpaid interest is added to the balance and thus the balance is growing.
Try this, rather than enter 0 for the number of payments, enter 360 and leave everything else the same. The schedule will calculate using these inputs when you click "Calc."
Now, look at the interest amount due on 12/01/2021 – the first full month of interest. The amount will be $465.36.
(Sorry for the delay in the reply.)
vivian says:
Karl,
Thank you so much for help. I truly appreciate your reply. About once a year I have to do a schedule with a missing item and it’s always a challenge. Again, thank you. Be well and stay safe.
Karl says:
You’re welcome. Glad it was helpful.
Karl says:
And I see if you set up the calculation with $470 payments, it will take 745 payments to reach a 0 balance – nearly 60 years.
Fred J Alexander says:
I have used the mortgage amort schedule in the past with no problems entering the basic info. including a payment amount. When I enter the basic info. the amort schedule appears however when I check “Print Preview ‘ it will not activate my printer. Do I need to register if so how do I register?
Fred J Alexander says:
By the way I am using Microsoft Edge and Windows 10 version 1909, previously I may have been using Internet Explorer.
Karl says:
No registration is required, at this time.
I would say do some basic computer testing. Can you print from other applications? Can you print from other websites? What happens if you try to print the schedule but change the destination to a PDF file? Will that work? If so,can you then print the PDF?
Finally, what happens if you reboot your computer?