Amortization Schedule



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?:
This free, online amortization schedule (c) 2010 Pine Grove Software, LLC All rights reserved.

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 for a 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' and this is typical for leases.

'Payment Frequency' determines how often payments are made. 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 USA only. Normally, you will want to leave this input set to 0.0%.

The 'Amortization Method' should almost always be left 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'.

If the first period, the period of time between the 'loan date' and the 'first payment date' is longer than one full period, then there will be interest on 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 'load 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.