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. This schedule shows how much interest and principal you will pay over the life of the loan. The calculator can solve for an unknown payment amount, loan amount, interest rate, or loan term.
- What is an amortization schedule?
- An amortization schedule is a loan summary that details each payment, including how much goes toward principal and how much toward interest. It often also includes the scheduled or actual payment dates, as well as yearly 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 first payment due date.
- Enter the expected Annual Interest Rate.
- Set 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 steps are all you need to follow to generate your schedule.
What if the terms of your loan are different from the calculator’s default settings?
Keep reading. The sections below explain each available 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 is designed to generate 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 universal “correct” payment. If the calculator always solved for the prior unknown, this feature would not be possible.
TIP — Use the amortization schedule to verify the periodic interest charges. These interest amounts are the key values borrowers should double-check.
Four values you must always set:
- Loan Amount — The total amount borrowed, also referred to as the principal. This value does not include interest.
- Number of Payments (term) — The length of the loan, measured in payment periods. This value is affected by 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.
Two dates that are critical to an accurate amortization schedule
If you only need an estimated schedule, you may 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 — For leases, this may be the same as the closing date. For other loans, payments typically begin after the borrower receives the funds.
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 scheduled? 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 (e.g., 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.)
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 aren't sure how to achieve your result, feel free to leave a question in the comments section below.
Karen Van Dam says:
I am trying to print an amoratization table out with no interest. Is there a way to do that?
Karl says:
Yes. Under "Amortization Method", select "No Interest" and enter 0.0% as the interest rate.
Angela says:
How to get an amortization schedule with accrued interest calculated based on the day the payment is made.
Karl says:
If you want to create an amortization schedule based on the actual date the payment is paid rather than on an assumed scheduled date, then use the Ultimate Financial Calculator. Once on the page, there is a link to a number of tutorials that may be helpful in getting started.
Karen Van Dam says:
That worked perfectly! Thanks for your quick reply and help!
Patty McGuire says:
I am unable to print my amortization schedule. It says at the bottom of the title page that at some time in 2022 we my not be able to print. Did this happen as of now? Is there somewhere else to print it? Thank you.
Karl says:
As of now, there are no restrictions. Everything will print.
When you fill in the title page, did you click either continue or skip (meaning skip the title page). You can close the window with the “X”.
Patty McGuire says:
Thank you. Got it. There was an ad on the bottom of the page and I didn’t realize I should get rid of that. It was preventing me from seeing the “Continue” part. I’m a senior and not always good with computers.
I have used this site before and find it easy to work with. Appreciate your prompt response.
Thanks!
Karl says:
Oh, thank you for letting me know what had caused the confusion. I was not aware of this. (Google introduced the option for the pop-up ad at the bottom of the pages after I had released the current site design, and I guess I never checked this.)
I’ll try to fix the problem when the next site update is released toward the end of this year.
Debbie Douglas says:
How can I set a schedule for only 9 payments per year instead of 12?
Karl says:
You’ll need to use the Ultimate Financial Calculator.
The calculator will allow the user to set the payment on any date.
Also, there are cash flow options for skipping payments. For example, if you want to automatically have the calculator skip June, July and August, it can do that too.
On the above linked page, there is a link to a number of tutorials that should get you started.
zigmund stevens says:
So, the amortization schedule is beautiful. when I hit the print preview button is brings up a title page but whether I fill it out or not the amortization schedule doesn’t print. How do I print it?
Karl says:
Glad to hear that you like the amortization schedule.
From the windows that ask for the details for the title page, you should be able to click on either "Skip" or "Continue" at the bottom of the window to print the schedule.
Are you saying that’s what you are doing, and the schedule does not print?
Susan says:
The monthly payment is different on this site than all others. I like the way you give an annual total showing interest. BUT, I do not understand why you are showing compounding for the interest. I have never seen that on a mortgage loan. This is owner financing for a 5 year term. I would like NO compounding. Why is the payment less on your site than all others. $1019.25 for a 5 year loan on your site. All others are $1027.92. Please advise
Karl says:
Thanks for your question. All details are important (for example, what’s the loan amount? 🙂 ). I, therefore, can’t advise, but I can give you some pointers.
If you want no compounding, set the payment frequency and compounding frequency to the same value. (This calculator is not just for mortgages.)
As to the payment calculation, are the loan closing date and the first payment date exactly one payment frequency apart? If not, how are you setting either the long or short initial period interest calculations options under "settings"? Those settings can impact the payment calculation. My guess is you set the calculation up to have an irregular length first period, and that’s why there is a difference in the payment calculation. Since this calculator calculates a lower payment, did you set the dates to the same date? Usually, that’s not how mortgages work.
But, remember, there is no such thing as a single "right" payment. Any payment amount can be deemed correct as long as both the buyer and seller agree to it. That’s why this calculator allows users to enter the payment amount. If you want the payment to be $1027.92, then enter that as your payment. The calculator will calculate the correct interest, and that’s what counts.
Are you the seller? Are you going to need to track the payments they are made? Will you need to allow for the possibility of late, missed, or extra payments?
If so, then I suggest that you use this loan payoff calculator.
Kaye says:
I want to view the amortization schedule with extra payments. I went to the extra payments an put in the amount but I don’t know how to view it.
Karl says:
What calculator are you using? Not the one on this page. It doesn’t support extra payments.
Please repost the question at the bottom of the calculator page you are using, and then I can answer the question.
Renee Alaei says:
Just want to say thank you for this. I use this constantly and share to others who have questions about how to calculate anything. This we site spread financial literacy by offering free access – multiple types of calculations – thorough instructions. It has saved me a lot!! Just want to say thank you – been using since 2017
Karl says:
Thank you Renee for sharing the site with your friends.
ana says:
Is there a way to find this without compounding
Karl says:
Yes. Under "Compounding," select "Exact/Simple."
Erica Osborne says:
I have a note that is for $200,000.00, 2% interest starts 11/1/2022. $20,000.00 payments, including interest start 7/5/2024 and continue every 6 months thereafter. How can I do this?
Karl says:
Sure, but could you tell me what you’ve tried (what your inputs and settings are) and where the problem is?
Erica Osborne says:
I entered all of the information and when I say calculate, it shows a payment on 11/1 for interest.
Karl says:
Sure. That’s because the initial period for this loan is "Long." (The payment terms are every 6 months, but Nov. 1 to July 5 is longer than 6 months.) Under "Settings" there’s an setting for "Long/Short Period Options." There you’ll find 4 options for long periods including "None" which means you want to ignore the interest for the extra days. Does that help?
Erica Osborne says:
yes!! Thank you. I would have never figured that out on my own. Appreciate the help. 🙂
Karl says:
Sure thing. Anytime. Thanks for letting me know.
Bill Phipps says:
I am doing a payment schedule with no interest. I am setting the same for first payment in December, 2022, I mistakely entered it for 01/01/2023. When it printed it set the 1st payment through 22 for $300.00 and the 23rd and final payment it set for $400.00. I went back and corrected it to make it print the first payment in December, rather than January, and it sets the first instead of the last payment as $400.00. How can I make it put the last payment at $400.00 instead of the first?
Karl says:
Not sure I’m following you 100%. Do you have the “Amortization Method” set to “No Interest”?
If so, what have you entered for the loan amount, loan date, and first payment date (and I’m assuming monthly for the payment frequency)?
Bill Phipps says:
Yes, when I emailed you I went back and entered the same again and this time it set the last payment to be $400.00 in lieu of the first payment being $400.00. What I was saying, or attempting to say, was that the amortization when I put it in made payment #1 be $400.00 with the other 22 payments at $300.00. When I went back the second time, I put in the exact same information and it made the firt 22 payments be at $300.00 each and the 24th payment to reflect $400.00. It just makes more sense to me that the last payment would be the largest of the 23 payments, not the 1st payment. The program corrected itself and listed the first 22 payments as being the same with the last payment now showing up as $400.00. I do appreciate your response and my “pure luck” communication was quite a find as far as I am concerned, and now that I have found it, I have shared it with many of my colleagues and friends. Great program and your responding to questions and issues gives excellent feedback. Thank you and I seriously appreciate your feedback and apologize but my finding it was in a search and I felt like it was “pure luck,” but I do have it bookmarked now and no longer need luck. I do hope if it is modified at year’s end that I can receive some notice so I can continue to use the same as it is an excellent program and formatted well to assist event the novice user to understand and use.
Karl says:
I’m glad you appreciate the calculator and the report features, but I can’t help you get what you need unless you actually answer my questions. 🙂
Bill Phipps says:
I am sorry, but my last reply said that the goal I was addressing, that is, having the first payment through the 22nd payment to be equal and the unequal payment to be the 23rd payment, had been achieved when I ran the program a second time. Sorry for the misunderstanding, and I may not have explained it, but I did not want the Borrower to pay $400.00 for the first payment and $300.00 for the remaining 22 payments. I thought the payment of the same should reflect the increased payment as the final payment, not the first payment. Not a concern as it printed it the second time the way I wanted it to print. Thanks for your response.
Karl says:
Okay. As long as you’re good, that’s what counts. 🙂