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.
No./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. Six-year amortization.

Validate the calculated amortization schedule.
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.

oliver says:
December 30, 2019 at 11:35 am
Can you add the ability to change payment allocation and current principal/interest amounts?
In other words, if I have a loan where the lender decides to allocate payments to principal before interest, so that no interest is paid until principal is paid off, that will change the total paid.
Reply
- Karl says:
  December 30, 2019 at 12:07 pm
  I already have a calculator that support "principal first." payment schedules. Please see this calculator. Scroll down for tutorials. The principal first option is in the payment row, in the right most column under "series option" after you click on it.
  Reply
Nat says:
December 30, 2019 at 11:04 pm
Hi Karl
I have a redraw investment loan of 100000 @ 4.32 P & I and paid monthly;
I have 100000 same amount in redraw; How would the amortisation look like ? Im unable to use any of the calculators to see how my statement reflects the actual calculation on how my monthly payment gets calculated?
Should the loan amount stay the same or does a part of the principal gets paid?
Can you help? I understand the amortisation of an offset loan works different to the redraw loan
Reply
- Karl says:
  December 31, 2019 at 5:40 am
  Hi Nat, first, as to whether the loan amount stays the same or if the principal is getting paid down, the lender needs to answer that. That would be one of the terms of the loans, and the terms can vary. I would think that the loan statement would tell you the answer if you compare numbers with prior months.
  Secondly, think you need to be using this calculator. The UFC will let you amortize a loan with multiple loan amounts. If I understand you correctly, you have an initial loan, and then there was another borrow, increasing the total balance. This calculator allows users to do that calculation.
  If you try the above-recommended calculator. Scroll down the page to the list of tutorials. The construction loan tutorial will show you an example of loans with multiple borrows.
  If you have more questions once you tried it, just ask.
  Reply
- Karl says:
  December 31, 2019 at 5:48 am
  I’ll add that "normally," when making loan payments, each payment is applied to both principal and interest. Thus, the loan’s principal balance is decreasing. I say "normally", because your particular loan does not have to work that way.
  Reply
Nat says:
January 2, 2020 at 7:42 am
HI Karl
thanks for your reply
I will explain further to ask my questions
Rather than making an extra- repayment that goes into the loan, the redraw or offset only negates the interest part..
i was trying to see if you can point to a amortisation table comparing loans with offset vs redraw features
Reply
- Karl says:
  January 2, 2020 at 5:49 pm
  You’re welcome.
  You can use the suggested calculator to make an interest-only payment.
  If your regular payments are "principal first" payments, the interest balance will be growing. And as mentioned, then an interest-only payment would reduce that balance.
  Not sure though, that will give you what you want.
  Reply
Theresa says:
January 13, 2020 at 10:00 am
Will this support 5-1 & 7-1 ARMs?
Reply
- Karl says:
  January 13, 2020 at 5:48 pm
  No, that calculator does not support ARMs.
  But this calculator does.
  Reply
Marian Franklin says:
February 20, 2020 at 5:59 pm
What is the best amortization schedule to use to calculate how long it would take to pay off a loan of $292,398.42 with an interest rate of 4% with set payments of $4872.20 and a extra principal payment each month of $1500.00. First payment starting Feb. 24, 2020.
thank you,
Reply
- Karl says:
  February 21, 2020 at 5:45 am
  Use this loan calculator.
  Since you are solving for the term, you’ll enter "0" for the number of payments. You can enter your extra payments on the Options tab. Enter "U" for Unknown for the number of extra payments.
  Reply
Shannon says:
April 6, 2020 at 8:15 pm
I am using the amortization calculator, and I insert the balance owed, interest rate and monthly payment. When I go to calculate the number of months remaining on the loan, it doesn’t calculate. I’ve been using this amortization calculator site for over a year now and have never had this problem.
Karl, can you help me?
Thanks!
Shannon
Reply
- Karl says:
  April 7, 2020 at 4:59 am
  Does the calculator display a message?
  I just tried solving for the term and I see no issues. It worked for me. So, I need your exact inputs to know why there’s a problem. Please try it again, and this time, copy and paste the contents of the URL box below the calculator in a reply to this comment. I’ll take a look then.
  Reply
Brad Bross says:
April 14, 2020 at 11:17 am
I have tried this site to replicate an existing amortization schedule, but I get different results. For instance, at the payment occurring on 06/01/2017 I get a remaining balance of $116,136.07 whereas the other party’s amortization schedule yields $116,135.40. Any advice? Thank you.
https://accuratecalculators.com/amortization-schedule?nominalRate=0.01&n=480&cf=530.11&pv=209650&pmtFreq=6&cmpFreq=6&amortMthd=0&pointsPct=0&pointsInMoney=0&otherCharges=0&oDate=Fri+Aug+01+1997+00%3A00%3A00+GMT-0500+(Central+Daylight+Time)&fDate=Mon+Sep+01+1997+00%3A00%3A00+GMT-0500+(Central+Daylight+Time)&daysInYear=0&longPeriodIntMthd=1&shortPeriodIntMthd=1&yearEnd=11&roundingMethod=0&calcAPR=false#amortization
Reply
- Karl says:
  April 14, 2020 at 12:12 pm
  First, thanks for pasting the URL into the comment. That makes it a lot faster to check.
  I’m sure we can figure out why the difference. First, do the payment amounts agree? If so, then at what payment number, do they disagree? And can you send the other calculator results, for that payment as well as the payment before and after? I’ll take a look.
  Reply
  - Brad Bross says:
    April 14, 2020 at 1:07 pm
    Upon further examination it appears as if the other party’s amortization schedule has rounding differences which become exaggerated as time progresses. I think your schedule is more reliable. Thank you for your service. Kind regards.
    Reply
- Karl says:
  April 14, 2020 at 12:58 pm
  Edit: If so, then at what payment number do they FIRST disagree?
  Reply
carol smith says:
April 19, 2020 at 1:41 am
How do I print the amortization schedule for the length of the loan?
Reply
- Karl says:
  April 19, 2020 at 3:38 am
  Click on "Print Preview"
  Then click on either "Print" button in the top left corn or bottom center of the schedule.
  Note: "Print Preview" will also work as a "Calc" button.
  Reply
BPE says:
April 21, 2020 at 4:08 pm
I’m entering a loan where the first payment isn’t due for 3 months from origination. It will create negative am for the first couple of months but the calculator is showing the interest is paid current prior to the first payment (which I don’t want). Any suggestions?
Reply
- Karl says:
  April 21, 2020 at 4:31 pm
  Yes, of course. 🙂
  Click on "Settings" and select "Long/Short Period" options.
  For long initial periods, you have 4 options.
  The options are explained in more detail here. (Scroll down the page to "About Dates, First Period Interest & Year-End Totals")
  Reply
D Vanseader says:
May 1, 2020 at 10:22 am
Need to do amortization schedule for a loan of 1.1m, first year interest 2% years 2-5 3%.
How would you enter that?
Reply
- Karl says:
  May 1, 2020 at 10:28 am
  The amortization schedule is for fixed-rate loans as you’ve discovered.
  You’ll need to use this much more flexible calculator. It will allow you to change the interest rate for a loan on any date.
  Once on the page, scroll down and check out the tutorial.
  Reply