You may also want to try our online amortization schedule. It's NOT as flexible but there's nothing to download or install.
We call it a Flexible Amortization Schedule because you can adjust any attribute that you desire. For example you can adjust rates (to create ARMs), change payment amounts or skip payments. You can print or copy an amortization schedule for nearly any mortgage or loan that you can imagine. The Flexible Amortization Schedule also includes support for these features:
- Irregular length first periods with user selectable methods as to how interest will be charged
- Supports exact day payments. User can adjust the schedule and record a payment for any payment date
- 11 payment frequencies: Daily, Weekly, Biweekly, Twice Monthly, Every 4 Weeks, Monthly, Bimonthly, Quarterly, Every 4 Months, Semiannually & Annually
- 13 Compounding Frequencies: In addition to the 11 payment frequencies, this amortization schedule also supports daily compounding and simple/exact day interest.
- 6 different loan types: Normal, Canadian, Fixed Principal, Rule-of-78s, Interest Only & No Interest
- Interest calculation methods: 360 day, 364 day and 365 days in year as well as periodic interest
- Three different chart types visually show the relationship of interest to principal. (Charts can be printed.)
- Easily design a schedule that results with a specific desired balloon payment or for which the balloon is due on a particular date.
- Set payment to any amount, make extra payments and/or skip payments
- Adjust interest rates, create adjustable rate mortgages (ARM).
- Solve for any one of the 4 main loan variables: amount, term, rate or payment or user can provide all 4 values.
- Prepare and print a Regulation Z compliant APR disclosure statement and detail work sheet. See What is APR below.
- Loan Summary Calculator: calculate an exact day balance, interest before and after extra payments and income taxes saved due to interest paid
- Calculate the future value of extra payments (Is it better to pay off the mortgage with extra payments or invest the money in an alternative investment?)
- Very extensive on line help with many example loans included and step-by-step guides for two dozen different loan types.
- Double click on any payment and get running details for that payment
- Save all loan data to industry standard XML files.
- Full support for copy & pasting all loan details. Paste amortization schedules into a word processor, spreadsheet or email message
- Single click on any year tab to display the schedule for that year
- Display annual and running totals by user selectable fiscal year
- Points paid on origination date, with first payment or amortized
- Two user selectable, automatic loan acceleration techniques: 1) Biweekly payment equal to 1/2 of a regular monthly payment; 2) automatic prepaid next period's principal amount
- Loans may either charge interest-on-interest or not (US Rule compliant)
- User adjustable options for handling payments due on weekend & last period rounding
- Set any number of initial periods to be interest only
- Track loan application fees (one time fees)
- And as always, simple, fast and easy-to-use.
This calculator gives you the power to easily design or amortize just about any loan or mortgage you desire. It makes financial planning easy, and it allows you to perform any number of what-if calculations. Auditors can also use it for auditing lender's statements.
What is APR?
APR or "annual percentage rate ". In the United States, government regulation frequently requires that lenders provide borrowers of certain loans (mortgages as well as other loans) with a "Regulation Z Disclosure Statement ". This statement discloses the APR, along with other terms of the loan, to the borrower. This amortization schedule is capable of creating and printing a Regulation Z compliant APR Disclosure Statement.