Amortization schedule calculator: easy-to-use template

Debt management can stress people out. But knowing the payment schedule can help. Our amortization schedule calculator easily breaks down monthly payments for your customers.

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An amortization schedule calculator tells your customers the monthly payment they must make on a loan amount. Amortization is paying off a debt over time with equal payments.

With our easy-to-use amortization calculator template, users can calculate amortization quickly. They only need to input their data into the template, and it's ready to use.

An amortization calculator template saves your customers time and stress. You only need to customize the input fields and embed the calculator into your website.

Amortization Explained

Amortization is a financial term referring to the process of spreading out the cost of a loan over a specific period. It allocates the repayment term of a loan amount over multiple periods - typically a monthly payment.

With a mortgage or car loan, amortization involves the repayment of the principal amount and the interest over a specified period. People generally make a monthly payment on these loans.

They're structured so customers gradually pay off their loan amount - principal and interest - over time. Earlier in the loan payments, more goes towards paying the interest. But as the loan progresses, more monthly payments address the principal.

Amortization Schedule: What is it?

An amortization schedule is a table that outlines the repayment of a loan amount over time. For instance, it shows your monthly mortgage payments.

Your customers get a detailed view of each payment with an amortization schedule. It shows how much goes toward the principal amount and how much interest your customer paid.

Information Included in an Amortization Schedule

An amortization calculator generally has the following information:

Loan Amount
Loan Term
Interest Rate
Monthly Payment
Total Interest Paid
Total Principal Paid
Total Loan Cost
Payoff Date

Amortization Calculator: FAQ

How do you calculate the amortization schedule?

Our amortization calculator template is the easiest way to calculate the amortization schedule. The formulas are already set up in the calculator, and you only need to input the information.

But if you want to do it manually, you need the following:

Loan Amount
Interest Rate
Loan Term

To calculate the monthly interest rate, you divide the annual interest rate by 12. For instance, when the annual rate is 5%, the monthly interest rate is %0.4167% - 5%/12.

Now you can calculate the monthly payment amount for your loan. Use the following formula:

M = P r(1+r)n(1+r)n - 1

M = Total monthly payment
P = Principal loan amount
r = Monthly interest rate - divide the annual rate by 12
n = Number of payments overall - a 30-year loan has 360 payments (30x12=360).

Is there an amortization schedule in Excel?

Yes, Excel has an amortization schedule template that uses the PMT function. The PMT function is a financial function that calculates the payment for a loan based on a constant interest rate, the number of periods, and the loan amount.

ConvertCalculator supports Excel functions. So you can use the PMT function. But remember the following facts:

The payment amount is output as a negative number to align with the general cash flow model because it's a cash outflow.
The value returned by the PMT function includes principal and interest but does not include any fees, taxes, or reserve payments that may be associated with a loan.
A PMT formula can compute a loan payment for different payment frequencies, such as weekly, monthly, quarterly, or annually.