# 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

## Alexis B. says:

Hello, is there a calculator for deferred interest?

## Karl says:

I’m not clear on your needs.

But, if you want to calculate an interest amount that would be due between any two date, then please see this interest calculator.

If you want to create an amortization schedule with a missed payment and you want to show the accrued interest that is due, then use the Ultimate Financial Calculator. See the links to the tutorials.

If you need something else, please ask again and provide the details.

## Juan Cantu says:

How do I remove the running totals? I did not have this before since I have used this calculator for years.

## Karl says:

The running total goes back to the original design from the 1980s. You should have always seen them unless the payment frequency had been set to "Annually."

## OXL says:

I was unable to use my amortization schedule today until I purchased a subscription. I did this and now I cannot find the Accurate Amortization Schedule that I use to use. I get a new on that I cannot get to work properly.

Please help.

Thanks

## Karl says:

Thank you for subscribing to the Ultimate Financial Calculator.

I think you are probably looking for this amortization schedule.

If so, the subscription you should have is for SolveIT! and not the UFC.

The UFC is more flexible and should allow you to do everything that the other amortization schedule allows you to do.

We have two choices.

1. You can subscribe to SolveIT! and I’ll refund in full the subscription to UFC.

2. Or you can tell me your particulars and I can help you to figure out why the UFC is not giving you the results you need.

## Shannon Warner says:

The number of months is not calculating on the financial calculator. It states “undefined” in the box. What does this mean? Thank you

## Karl says:

I’m sorry you are having a problem with the calculator.

First, are you able to make other calculations (is solving for the payment amount working)?

If so, please send me your inputs and settings so I can see why you can’t solve for term.

(I suggest that you reload the calculator by refreshing the page. Then, without changing anything, see if you can solve for the payment. If that works, then set the number of periods to 0, and then trying solving for number of periods. Just as a test.)

## Robert Cranston says:

I want to see what the difference would be if all of the monthly payment was applied to principal and interest was just added on to the end of the loan, e.g., $100,000 loan, 5% interest, $1,000 monthly payment. Each month the principal goes down by $1,000 and the interest is added on to the end of the loan. Would this save any money over normal amortization? I know the interest will be less every month, but will it be less overall? Is there any way to calculate that here?

## Karl says:

You won’t be able to do that calculation with this amortization schedule.

But you will be able to do it with the Ultimate Financial Calculator (UFC).

If you try UFC, checkout the tutorials. There’s not one specifically for your calculation, but the tutorials should get you started. If you have any questions, just ask.

I think what you are going to want to do is to set a series for principal first, and then enter a payment amount equal to the principal divided by the number of payments you want to make. Then do that calculation, which should leave (I think) the interest balance. Finally, you can add one final “Unknown” payment (or any number actually) and that will take care of the remaining interest. But this is just off the top of my head without actually trying what you want to do.

Let me know please how you make out. I’m curious too. 🙂

## shermanterry765@gmail.com says:

How do I input exact dates I’m making payments since it’s not always on the due date?

## Karl says:

You can’t do that with the amortization schedule calculator.

Use Ultimate Financial Calculator instead. This link is to the calculator with the appropriate tutorial.

## Susan Y. Smith says:

Our Administrator subscribed & paid to allow me to use your product. I am unable to print, however, because your system is picking up him as the subscriber, not him. He doesn’t need or want it for himself, it’s just for my use. We need this fixed asap please.

## Karl says:

Not sure what you mean by “fixed.”

Can you login using the credentials he supplied?

If not, let him create a new subscription with the credentials you want to use, and if the first subscription is not needed, I’ll refund the first subscription cost after it is canceled.

## Bonnie says:

I have been able to use the amortization calculator free for awhile and now it won’t let me print them – do I have to have a subscription now to use the calculator?

## Karl says:

Yes. You would need the SolveIT! subscription to use this calculator.

## Karl says:

Sorry, I missed your comment.

As per the email you received when you subscribed, please reply to it with any questions, so that I can see all your order details.

Also, before replying, please review what the email says? Are you sure you are accessing the subscriber’s area? If you see 3rd party advertisements, you are not on the right web page. You can’t use your old (pre subscribing) link.

## Frank Fouts says:

I was wondering if the Accurate Amortization Schedule was available by itself. I only use the amortization schedule about once a month and to subscribe for so many other services seems excessive. I have used the same program for years but now I can’t print the work out. Hopefully there is a less expensive option.

## Karl says:

The only subscription options are those listed on the subscription page.

How are you using the calculator? For personal or business use?

If for personal use and for the same loan, do you really need to print the schedule out each month? The calculator is fully functional from a calculation perspective. The only limitations are the ability to print and save data to a file. Perhaps you can buy the monthly subscription to print an updated schedule just once a year, and you can review other months online? That way it costs you less than $1 a month (since you can cancel the subscription any time).

If for business use, give your clients the schedule with a cover page and no reference to this website and it will look as if you’ve prepared a custom schedule for them. Then a $50 a year subscription cost is an advertising expense.