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Amortization Schedule

Solve for the payment, loan amount, rate or number of payments, then see every payment, the payoff date and what extra principal saves.

Monthly payment$0.00
The loan

Extra payments and balloon

Extra payments go straight to principal in the payment number you choose. The recurring payment repeats from its starting payment until the loan ends.

Taxes, insurance and dues (optional)

These are shown beside the loan payment so you see the full monthly cost; they do not change the loan schedule. PMI is charged each month while the loan balance is above 80% of the home value. 0.50% is an illustration; use your lender's quote.

For the printout
Mortgage calculator Loan comparison Buyer closing costs Virginia tax rates Seller net sheet

How this schedule works

The level payment is P · r / (1 − (1 + r)−n), where P is the loan, r is the annual rate divided by 12 and n is the number of payments. Every month the interest is the opening balance times r, rounded to the cent, and the rest of the payment reduces principal. The last payment clears whatever is left, which absorbs a few cents of rounding.

Taxes, insurance and dues are the yearly amounts divided by 12 (dues are monthly). PMI is the original loan times the yearly percentage divided by 12, charged while the balance is above 80% of the home value. They are added to the payment for the full monthly cost and are not part of the loan balance.

Extra principal is applied in the month it is paid, so later interest falls. The summary compares the schedule with the same loan and no extra payments to show the interest saved. A balloon is the remaining balance due with the payment number you choose; the schedule stops there. When you solve for the rate, the answer is found numerically and shown to four decimal places. When you solve for the number of payments, the count is rounded up to a whole payment and the final payment is smaller.