# 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

## 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.

## Khaled Bitar says:

Hi Karl –

Can you share how to calculate the monthly payment and the interest that accrues if the first payment date is different than the typical interval? For example: you have a Loan Closing Date of 3/31/2023, First Payment Date of 5/15/2023, monthly payment frequency, and desire each payment amount to be equal

## Karl says:

Hi Khaled, I get asked this a lot, and my answer is always the same. I answer two types of questions: "What calculator do I use to accomplish X,?" and "how do I use a particular calculator or feature?" There’s not an equation that does this that I know about. It requires a few hundred lines of code, and if I were to get into the weeds of explaining the code (or even organizing it) I would not have time to develop this site. (The last update took 18 months.)

## 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).

## Susan says:

What is the difference in your programs.

One says C-Value for windows and one says SolveIt for windows.

Thank You

## Karl says:

C-Value! is the Windows version of the Ultimate Financial Calculator, and it is a single, standalone calculator.

SolveIT! is also for Windows, and it is a collection of 40+ calculators. It includes C-Value!.

## Sue says:

I’m trying to use the Accurate Amortization Schedule, but I can’t seem to get the “calc” button, nor the “print preview” button to work, even if I use “alt-c” or “alt-p”. Can you please help?

## Karl says:

I’m sorry that there’s a problem, but I’m not sure what it could be. I just checked and it seems to be working fine.

Do you see any error messages below the calculator? When you click the "Calc" button itself, the schedule never displays below the button row?

What browser are you using? Do you have another browser that you can try? If you are on a desktop, you can try what is called a hard refresh. Hold the Ctrl key down and click on the browser’s refresh button, then try the calculator. Don’t change any values. Just use the ones that load after the refresh.

If you still have a problem after trying the above, please email me your phone #, and assuming you are in the U.S., I’ll call you. (My email address is on the contact page. Link at the bottom of the page.)

## Sue says:

Thank you, it works now. The problem must have been on my end, since I didn’t even get your reply until I checked now. I have another question though: I am trying to use payment frequency = biweekly, compounding = semi-annually, amortization method = Canadian, but that combination keeps sending me back to monthly payments. Is that combination something that can be made available?

Thank you! Appreciate your calculators!

## Karl says:

The "Canadian" amortization method give the user a quick way to set the amortization calculation up for the most typical Canadian calculation (as I understand it) that is, monthly payments and semiannual compounding.

Since you want biweekly payments and semiannual compounding, leave the amortization method set to "Normal."

## Karl says:

Also, I think some of the earlier issue you saw probably had to do with a few problem I had getting the site moved to the new domain. There were definitely hiccups.

## Danny says:

I’ve been using your site for a long time and appreciate your good work, however, I noticed a problem on the latest version regarding advance interest for the first partial month paid at the loan closing. The form used to calculate it correctly and place it on the first line of the schedule to show it was due at closing. Now, no matter which choice I make it no longer does that.

## Karl says:

I’m sorry, but I’m not seeing the problem that you describe. For example, using all the default value when the calculator first loads, I’m setting the "Loan Closing Date" to April 6 and leaving the first payment date set to June 1. I’m clicking on "Settings" and picking the interest options and then setting the "If initial cash flow period is longer than the payment frequency:" to "With Origination." When I click "Calc" I’m seeing the interest in the first row of the schedule. (You’ll only see interest in the first row if the initial period is longer than the select payment frequency.) Let me know if you still have an issue. If so, please provide your inputs and I’ll take a look.

## Danny says:

Thank you. I’ll try again.

## Brett says:

Hi there,

I’ve tried updating an amortization schedule a few dates apart but it keeps giving me a prompt saying “Internal Error – Undefined Frequency.”

Any tips are appreciated!

Thanks.

## Karl says:

Hi Brett,

Can you explain a little bit more? Are you saying that you’ve created an amortization schedule and that you only want to change the loan date or the first payment date and you get this error when you click on calc again?

Can you save your entries to a file and email them to me? The email address on on the contact page. Links to the contact page are at the bottom of all pages on this site.

## Chuck F says:

I have a shortcut that I used occasionally to generate an amortization schedule and it is no longer working. My request gets to the calculator, but upon hitting the Calc button, nothing appears to happen (tried 3 different browser types and 3 different devices!).

By manually parsing the parameter string in my shortcut, I found that as long as I omit these parameters and values, the Calc button will work when landing on the calculator page:

&daysInYear=2

&longPeriodIntMthd=3

&shortPeriodIntMthd=2

&yearEnd=11

&calcAPR=false

Are these no longer available? Or perhaps the parameters require differently-formatted values now?

Thanks for this great set of tools, by the way!

## Karl says:

I would have to go back and check, but I don’t think the parameter string has been working for a while now (a few years?), ever since I added the ability to save the value to a file.

Now that the site update is nearly complete, I’ve been thinking about reviewing this feature later this year, and possibly reenabling it.

In the meantime, you can save a calculation to a file then drag-n-drop the file to the area below the calculator to achieve a similar benefit.

## Chuck F says:

That capability looks interesting. I’ll give it a try. Thank you for the tip and the quick response!