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.

Accurate Amortization Calculator

Create a printable amortization schedule with dates

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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 .

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…

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To set your preferred currency and date format, click the “$ : MM/DD/YYYY” link in the lower right corner of any calculator.

Calculadora de amortización (Spanish) |Calculatrice d’amortissement de prêt (French)

Loan Amount?:Number of Payments?:Annual Interest Rate?:Payment Amount?:Loan Closing Date?:

First Payment Due?:

Payment Frequency?:Compounding?:Points?:Amortization Method?:

Customizable, printable amortization schedule with loan and payment dates.
#/Year	Date	Payment	Interest	Principal	Balance
You may click the "Calc" button or the "Print Preview" to see the amortization schedule.

$ : MM/DD/YYYY

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How to get an accurate amortization schedule.
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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

Interest calculation options — Fig. 1 — Interest settings that affect the calculated schedule.

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!).

Save amortization to PDF — Fig. 2 — Modern browsers can export the amortization schedule as a PDF file.
(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

Step-by-step payment amount solution. — 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 ), with r = 0.05 and n = 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.

Validate the calculator against the amortization formula.
Loan Amount:	$50,000.00	Number of Payments:	60
Annual Interest Rate:	5.0000%	Payment Amount:	=943.56
Loan Closing Date:	September 1, 2025	First Payment Due:	October 1, 2025
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

Step-by-step amortization solution. — 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.
P_t-1: Outstanding balance at the start of period t.
P_t: 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: P_t−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: P_t = 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 = 1
P_t−1 = 50,000
= 50,000 × 1.00416666666… ≈ 50,208.33333…
≈ 50,208.33
I = 50,208.33 − 50,000 = 208.33
P_t = 50,208.33 − 943.56 = 49,264.77

Validate the calculator. Five-year, sixty-month amortization schedule proof.

Validate the calculated amortization schedule.
#/Year	Date	Payment	Interest	Principal	Balance
Loan start	09/01/2025	0.00	0.00	0.00	50,000.00
1:1	10/01/2025	943.56	208.33	735.23	49,264.77
2:1	11/01/2025	943.56	205.27	738.29	48,526.48
Periods 3–59: Intermediate calculations.
59:5	08/01/2030				939.75
60:5	09/01/2030	943.56	3.92	939.64	0.11
Without any final rounding, a $0.11 principal balance remains.
60:5 (final adjustment)	09/01/2030	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.

Questions?
Ask them here. We're happy to help.

Janice says:
September 20, 2019 at 6:14 pm
Hi Karl,
Long ago I had asked a questions about “straight line” amortization, where the amounts don’t jump around, but rather are continuous, with the interest going down each month. I cannot find how we determined this could be created. (I’ve gone back in your comment file to 2017…).
But I recall that the day of the month had to be the same
I think it was “continuous” , not daily compounding
I have tried all three: 360 days/year, 364 days, and 365 days.
But I cannot duplicate this straightline amortization.
Perhaps you remember commenting that I had coined a new phrase when I used the term straightline in this setting.
Do you recall what was done to achieve this?
Thanks you!
Janice
Reply
- Karl says:
  September 20, 2019 at 6:59 pm
  Hi Janice, I don’t recall the conversation specifically, but I did find it. You first comment was on May 18, 2018. Below is my reply. I think the point I was making was, that you need to set the compounding equal to the payment frequency, or at least not equal to the 3 compounding frequencies mentioned below. Anyway, you said this answer was “perfect.” 🙂
  Hi Janice, this calculator has not had any changes in over a year. You should see an increasing amount being allocated to the principal with each payment made.
  There are conditions, however, when this does not happen. If the compounding is set to continuous, daily or exact, some payment will have less applied to principal than the immediately preceding payment due to the difference in the number of days in the month.
  Or if the first period is a longer or shorter period than the following regular length periods, the principal will change.
  If this does not answer your question, then I need to see your schedule to understand the specifics.
  Reply
- Karl says:
  September 20, 2019 at 7:01 pm
  And this link should take you to the comment.
  Reply
Gary Schaff says:
October 1, 2019 at 9:31 pm
It calculates the schedule but it does not print when I hit print?
Reply
- Karl says:
  October 2, 2019 at 4:27 am
  I’m sorry you are having an issue with printing. The calculator does print a schedule from all devices I’ve tried, including my iPhone. Are you using the "Print" button in the upper left corner of the "Print Preview?"
  Will other applications print from that computer? Perhaps the print driver has crashed and you need to reboot?
  Reply
KP says:
October 9, 2019 at 9:53 am
Hi There,
I am clearly missing something, but after sifting through everything I am not finding what I need so hoping you can assist. I am trying to get an amortization schedule that allows for a known maturity date which would calculate the balloon payment on that final date. I get that I could also just figure out how many periods get me to that last payment date, but was wondering if you have any calculator that has the option to set the last payment date.
Reply
- Karl says:
  October 9, 2019 at 4:59 pm
  Hi, that should not be a problem. Please use the Ultimate Financial Calculator.
  Once on that page, scroll down to the tutorials. There are two about balloon payments, and one about calculating the number of payments required. And if you have any questions, just ask.
  Reply
Richard says:
October 9, 2019 at 11:56 am
Hi, I am looking for a Lease Amortisation with a fixed buyout or residual value if you prefer.
Reply
- Karl says:
  October 9, 2019 at 5:01 pm
  Sorry, but that’s not something that I can help you with at this time. I still have about six or so calculators I want to add to this site. A lease calculator is one of them.
  Reply
- Ethan says:
  February 25, 2020 at 4:24 pm
  This is doable with the amortization schedule above. First you need to establish your fixed monthly payment. Then you need to calculate your EXACT interest rate. Enter in 1 additional payment (If a 60 month lease, enter 61 months). The last month (61st) should be the residual value or buyout amount (Example: $1 buyout should have a final payment of $1 showing up on the 61st month). If the interest input wont let you go enough decimal places, then you will have to go to excel and do it line by line.
  Reply
Donald Justice says:
October 22, 2019 at 11:43 am
I cannot find an Amortization Format that allows the fixed monthly payment and provides the number of monthly payments. Don J.
Reply
- Karl says:
  October 22, 2019 at 1:15 pm
  You can set the amount of the payment with this calculator. Then enter 0 for "Number of Payments" and click calc, and the calculator will calculate the number of payments required paying the monthly payment you would like to pay.
  Is that the question you had? If not, please explain further, with an example, if possible.
  Reply
- Karl says:
  October 23, 2019 at 4:50 am
  I’ll point one thing out. The calculator has a small bug right now. If you are trying to solve for number of payments, and the payment amount you enter is not large enough to cover the interest due, then the calculator appears to do nothing when you click on ‘Calc.’ In such cases, the calculator should be showing users this message:
  >>>>Error: Infinite term. Growing balance.
  To fix, please adjust one of the inputs. Such as increase the payment amount. Or reduce the interest rate or loan amount.
  Reply
  - Don says:
    October 23, 2019 at 11:15 am
    Thank you, Karl. Your initial response worked. I should have been able to figure that out, thanks.
    Reply
bob says:
November 2, 2019 at 11:05 am
Is there a way to add escrow payments?
Reply
- Karl says:
  November 6, 2019 at 6:12 pm
  No, the calculator does not support escrow payments.
  Reply
Eric D Mills says:
November 7, 2019 at 12:53 pm
Do you have an Excel version of this calculator by any chance?
Reply
- Karl says:
  November 7, 2019 at 10:37 pm
  No, not specifically.
  However, the C-Value! program is an amortization calculator (link at the top of any page on this site) and it will export directly to Excel.
  How do you plan to use an amortization schedule in Excel? Do you want to edit payments and have interest recalculated? C-Value! will do that for you and there’s no need to export.
  Reply
  - Eric Mills says:
    November 8, 2019 at 1:33 pm
    Karl,
    How do I set up a Loan with 12 months no payments no interest and 60 months with a payment of 2068 (no sure of the exact interest rate)
    Reply
    - Karl says:
      November 8, 2019 at 8:43 pm
      I’ll assume since you posted your question on this web page that you are asking about this calculator and not C-Value!.
      First, under "Settings" select "Long/Short Period Options" and then under the long period option pick "None" No interest will be accrued for the long period.
      Then set the loan date to say Dec 1, 2019 (or of course whatever you need) and the first payment date to Dec 1, 2020. Thus, for the first 12 months there will be no payments due.
      Set the payment amount to 2,068 and the calculator will use it.
      The calculator will use any value you enter to create a schedule. Depending on the interest rate, the 2068 payment amount might be too little or too much to pay the loan off in 60 payments. But if you enter 60 for the number of payments, and the interest rate is too high, you’ll end up with final balloon payment amount. If the rate is too low, the calculator will stop the schedule when the loan is paid-in-full. I suggest setting the number of payments to 0 in this case and let the calculator create the schedule (unless you want a final balloon).
      Feel free to ask if you have more questions.
      Reply
Sharron says:
December 9, 2019 at 1:53 pm
Can you add a title at the top of who the table is for
Reply
- Karl says:
  December 10, 2019 at 4:33 am
  I plan to add that ability in a future version of the calculator.
  Reply
Michael says:
December 29, 2019 at 1:57 am
hi karl, how do i calculate a schedule as follows :
I place a “0” for unknown interest $ value but output report is incorrect.
For a motor vehicle here in OZ
– unknown interest..standard practice not to advertise on agreement
– principal $57,533.89
– 59 pmnts
– $879.78
– BALLOON OF $15,879.78
– total interest is $9,952.91
cheers
Reply
- Karl says:
  December 29, 2019 at 6:54 am
  Hi Michael, two things. You basically have 2 unknowns. Since you have a large final balloon in your example, for this calculator, you have an unknown term (the number of payments required to pay off the loan with monthly payments @ $879.78.) This calculator won’t solve that problem.
  However, my Ultimate Financial Calculator will easily solve the problem.
  If you try it out, enter "Unknown" for the "Initial Interest Rate" inputs.
  Then you’ll see where you enter 3 rows in the table. 1 for the loan amount. 1 row for the 59 payments of $879.78 and the final row for the balloon payment of $15,879.78.
  The second point, I want to make is that the math in your example is wrong – it doesn’t balance. Total interest can’t be $9,952.91. It is $10,252.91. (And I didn’t need a calculator to figure that out.)
  Total interest = ((Number of payments * the periodic payment amount) + the final balloon payment amount) – the principal amount.
  Let me know how you make out, please.
  Reply
- Karl says:
  December 29, 2019 at 6:58 am
  Does that monthly payment include something in addition to the principal and interest amount due? Does it include a fee or insurance? If so, then the fee has to be deducted from the payment amount when using my equation for calculating total interest due.
  Reply
  - Michael says:
    December 29, 2019 at 8:10 pm
    Hi Karl,
    It includes a $300 admin fee, the interest is per the ANZ bank summary , so it wasn’t my calc. , pre-determined.
    Will let you know how I go, & thanks
    Reply
    - Karl says:
      December 30, 2019 at 6:54 am
      I should have noticed the even $300 and suspected a fee or something similar. Also, I didn’t mean your calculation personally – only the example you’re presenting.
      When is the fee paid? On the day the loan originates? I assume so, as there seems to be no interest earned or charged on the $300. If that’s the case then the loan principal is not $57,533.89, but rather $57,233.89, and that’s what should be entered in the first row of the recommended calculator as the loan amount.
      Reply
    - Karl says:
      December 30, 2019 at 6:58 am
      Either that (reduce the loan amount by $300) or use $57,533.89 and enter in the second row, one payment amount for $300 with the same date as the loan date. The example originally presented does not account for the fee payment, only the fee amount.
      Reply
LETRICIA WHITE says:
December 29, 2019 at 12:50 pm
Is there a way to download the speadsheet/calculator?
Reply
- Karl says:
  December 29, 2019 at 4:14 pm
  No, there is no way to save the inputs and calculations to a file yet. (I am working on adding that feature.)
  Are you asking because you want to use the schedule in Excel? If so, scroll down the page and there are some tips for copying and pasting the data to Excel.
  Reply