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.
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.