Amortization Schedule Calculator

Amount of Loan?:
Annual Interest Rate?:
Number of Payments?:
Periodic Payment?:
Enter '0' (zero) for one unknown value above.
Loan Date?:
/ /
Payment Frequency?:
Points (%)?:
1st Payment?:
/ /
Compounding?:
Amortization Method?:
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Loan Payment Schedule Help

Every loan has four primary attributes or variables. (1) The loan amount, (2) the number of payments, (3) the annual interest rate and (4) the payment amount.

Enter any 3 values and zero ('0') for the unknown value. Click the [Calc] button to solve for the unknown and create a schedule.

Note: you can enter a non-zero value for all 4 variables. In that case, your inputs will be used to create the amortization schedule.

The "Loan Date" is the date the monies are advanced. It is also called the "origination date".

The "First Payment Date" is the date the first payment is due. It may be the same date as the "Loan Date" but not usually. When they are the same, this is known as "Payment-in-Advance". Leases are typically paid-in advance.

"Payment Frequency" determines how often payments are due. Monthly is the most common in the USA.

"Compounding" impacts how interest is calculated. In most cases "Compounding" should equal the "Payment Frequency".

"Points" are charged on some loans by the lender. Points are expressed as a percentage of the loan amount. A 300,000.00 loan with 2 points results in an extra fee due the lender of 6,000.00. Points are common for mortgages in the US only. Normally, you will want to leave this input set to 0.0%.

The "Amortization Method" should usually be set to "Normal". If the loan originates in "Canada" then you'll want to set this to the "Canadian" method. In some special cases loans will have only the interest paid as the regular payment or no interest at all. In that case, you can set the "Amortization Method" to accommodate those types of loans. The "Rule-of-78's" is sometimes used for car loans or other consumer loans.

To print any loan schedule, click on "Print Preview" and then "Print this schedule".

When the first period, the period of time between the "loan date" and the "first payment date" is longer than one full period, there will be interest due for the "extra days". This is known as "odd day interest". The odd day interest, with this schedule, is shown as being paid on the loan date. Example: if the "loan date" is March 24 and the "first payment date" is May 1, then there are 8 odd days of interest - March 24th to April 1st.

Conversely, if the time between the "loan date" and "first payment date" is less than the payment period set, then the first period is said to be a "short initial period" and (as of the Jan. 2013 release of this calculator), the first payment will be reduced due to less interest being owed.


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Important Note About Dates: This calculator allows irregular length first periods. It calculates the exact amount of interest due for short or long first periods. This will produce interest charges that do not match other calculators. If you want to match other calculators then set the "Loan Date" and "1st Payment Date" so that they equal one full period as set in "Payment Frequency". Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly", then the "1st Payment Date" should be set to June 15th, that is IF you want a conventional interest calculations. When the time between the "Loan Date" and "1st Payment Date" is not equal to the "Payment Frequency", the extra interest for a longer period is shown being paid on the loan date. When the first period is a short period, the first payment is reduced since less interest is due. See the end of the "Help" text for some more details.

New: Online biweekly mortgage payment calculator. Pay 1/2 the normal monthly payment every other week. Amortization schedule shows the interest saved and early payoff point. See charts to visualize the cash flow.

New: Online extra payment calculator with printable payment schedule showing extra payments applied to principal. Calculate interest saved. Use charts to visualize cash flow.

Update: If you do not enter a "0" for an unknown value, the calculator will use your inputs, including payment amount, to calculate interest and create a schedule. This means the calculator will support negative amortization (payments are less than interest due) and over payments to shorten term.

Update: If you are looking for more advanced features in an online calculator, such as support for adjustable rate mortgage calculations, ability to enter regular or random extra payments or the ability to structure a balloon loan (and more), we can now offer you these features with our updated online Time Value of Money calculator. See below, Othere Features You May Need... for more details.

What is Loan Amortization?

Amortization is the process of paying back a loan with a series of payments. An amortization schedule shows the user what part of each payment is applied to principal and what part is applied to interest. A fully amortized loan is a loan that is paid off — that is, the balance is zero.

Unique Features Our Calculator Offers

Our payment schedule calculator offers the user a lot of flexibility that we have not found when using other online amortization schedules. First, regular loan payments may be set to any frequency, not just monthly. Compounding frequency may be set separately from the payment frequency.

Secondly, with nearly every loan, the first payment date does not fall one full period after the day the monies are lent (the loan date). This causes an irregular length first period. It is very unusual for online calculators to support irregular length first periods. However, because our amortization calculator allows the user to set the "loan date" and "first payment date" separately, you can easily calculate the odd days interest.

Additionally, in the US, for real estate transactions, there are often "points" charged on a loan. This calculator has the ability to calculate and show the dollar value of the points being charged.

Finally, while most loans are calculated using a "normal" amortizing method, our amortization schedule does give you the ability to amortize a loan using the "Rule-of-78s", the "Canadian method" or the "fixed principal method" in addition to several other amortization methods.

Click on "Help" for more details.

Certainly this calculator has a lot of features, especially when compared with other online calculators. However, there still may be calculations that you want to do that this calculator does not support.

Other Loan Table Features You May Need...

Many of the below features are supported by our online TVM calculator. When you click one of the below links, you'll land on our tutorial web page that teaches you how to perform the particular calculation with this calculator.

Or, if you prefer a Windows program with all the benefits listed above, then download and try a fully functioning, 21-day evaluation copy of SolveIT!, C—Value! or AmortizeIT!.

If you want guidance in selecting a program, then please email:

sales@pine-grove.com

and tell us what you want to accomplish and we'll be more than happy to make a suggestion.

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