This calculator estimates the amount of periodic payment and calculates the amortization schedule for a loan based on constant-amount periodic payments and a fixed interest rate.
Results:
| Loan principal amount | $50,000.00 |
| Periodic payment amount | $943.57 |
| Number of payments | 60 |
| Total payments | $56,613.62 |
| Total interest | $6,613.62 |
Amortization schedule:
| Payment number | Payment | Principal | Interest | Ending balance |
| 1 | $943.57 | $735.24 | $208.33 | $49,264.76 |
| 2 | $943.57 | $738.30 | $205.27 | $48,526.46 |
| 3 | $943.57 | $741.38 | $202.19 | $47,785.08 |
| 4 | $943.57 | $744.47 | $199.10 | $47,040.61 |
| 5 | $943.57 | $747.57 | $196.00 | $46,293.04 |
| 6 | $943.57 | $750.68 | $192.89 | $45,542.36 |
| 7 | $943.57 | $753.81 | $189.76 | $44,788.55 |
| 8 | $943.57 | $756.95 | $186.62 | $44,031.60 |
| 9 | $943.57 | $760.10 | $183.47 | $43,271.50 |
| 10 | $943.57 | $763.27 | $180.30 | $42,508.23 |
| 11 | $943.57 | $766.45 | $177.12 | $41,741.78 |
| 12 | $943.57 | $769.65 | $173.92 | $40,972.13 |
| 13 | $943.57 | $772.85 | $170.72 | $40,199.28 |
| 14 | $943.57 | $776.07 | $167.50 | $39,423.21 |
| 15 | $943.57 | $779.31 | $164.26 | $38,643.90 |
| 16 | $943.57 | $782.55 | $161.02 | $37,861.35 |
| 17 | $943.57 | $785.81 | $157.76 | $37,075.54 |
| 18 | $943.57 | $789.09 | $154.48 | $36,286.45 |
| 19 | $943.57 | $792.38 | $151.19 | $35,494.07 |
| 20 | $943.57 | $795.68 | $147.89 | $34,698.39 |
| 21 | $943.57 | $798.99 | $144.58 | $33,899.40 |
| 22 | $943.57 | $802.32 | $141.25 | $33,097.08 |
| 23 | $943.57 | $805.67 | $137.90 | $32,291.41 |
| 24 | $943.57 | $809.02 | $134.55 | $31,482.39 |
| 25 | $943.57 | $812.39 | $131.18 | $30,670.00 |
| 26 | $943.57 | $815.78 | $127.79 | $29,854.22 |
| 27 | $943.57 | $819.18 | $124.39 | $29,035.04 |
| 28 | $943.57 | $822.59 | $120.98 | $28,212.45 |
| 29 | $943.57 | $826.02 | $117.55 | $27,386.43 |
| 30 | $943.57 | $829.46 | $114.11 | $26,556.97 |
| 31 | $943.57 | $832.92 | $110.65 | $25,724.05 |
| 32 | $943.57 | $836.39 | $107.18 | $24,887.66 |
| 33 | $943.57 | $839.87 | $103.70 | $24,047.79 |
| 34 | $943.57 | $843.37 | $100.20 | $23,204.42 |
| 35 | $943.57 | $846.88 | $96.69 | $22,357.54 |
| 36 | $943.57 | $850.41 | $93.16 | $21,507.13 |
| 37 | $943.57 | $853.96 | $89.61 | $20,653.17 |
| 38 | $943.57 | $857.52 | $86.05 | $19,795.65 |
| 39 | $943.57 | $861.09 | $82.48 | $18,934.56 |
| 40 | $943.57 | $864.68 | $78.89 | $18,069.88 |
| 41 | $943.57 | $868.28 | $75.29 | $17,201.60 |
| 42 | $943.57 | $871.90 | $71.67 | $16,329.70 |
| 43 | $943.57 | $875.53 | $68.04 | $15,454.17 |
| 44 | $943.57 | $879.18 | $64.39 | $14,574.99 |
| 45 | $943.57 | $882.84 | $60.73 | $13,692.15 |
| 46 | $943.57 | $886.52 | $57.05 | $12,805.63 |
| 47 | $943.57 | $890.21 | $53.36 | $11,915.42 |
| 48 | $943.57 | $893.92 | $49.65 | $11,021.50 |
| 49 | $943.57 | $897.65 | $45.92 | $10,123.85 |
| 50 | $943.57 | $901.39 | $42.18 | $9,222.46 |
| 51 | $943.57 | $905.14 | $38.43 | $8,317.32 |
| 52 | $943.57 | $908.91 | $34.66 | $7,408.41 |
| 53 | $943.57 | $912.70 | $30.87 | $6,495.71 |
| 54 | $943.57 | $916.50 | $27.07 | $5,579.21 |
| 55 | $943.57 | $920.32 | $23.25 | $4,658.89 |
| 56 | $943.57 | $924.16 | $19.41 | $3,734.73 |
| 57 | $943.57 | $928.01 | $15.56 | $2,806.72 |
| 58 | $943.57 | $931.88 | $11.69 | $1,874.84 |
| 59 | $943.57 | $935.76 | $7.81 | $939.08 |
| 60 | $942.99 | $939.08 | $3.91 | $0.00 |
To estimate periodic loan repayment amount provide the following loan contract details:
Payment frequencies supported by this calculator:
| Annually | once / year |
| Semiannually | twice / year |
| Quarterly | 4 / year |
| Monthly | 12 / year |
| Biweekly | 26.07142857 / year |
| Weekly | 52.14285714 / year |
Provided values are estimates only and may not apply to your specific situation. Users should not rely on this calculator to make any financial decisions. For an exact determination please contact a professional financial advisor or your financial institution.
Loan amortization is a process of loan repayment with a series of periodic payments applied to both the principal of the loan and the accrued interest. More detailed explanation on how loan amortization works can be found on the Investopedia - Amortized Loan page.
For a loan of amount L amortized at a fixed nominal annual interest rate R the periodic payment amount can be
calculated as follow
P = L * r / ( 1 - ( 1 + r )-t ) ,
where r = R / n is the effective rate of interest for the payment period,
n is the number of payments (compounding periods) per year, and
t is the total number of payments over the loan period.
Outstanding loan balance at the end of the payment period m
OBm = L * ( 1 + r )m
- P * ( ( 1 + r )m - 1 ) / r .
Principal payment for the period m+1
Prm+1 = OBm - OBm+1 .
Interest payment for the period m+1
Im+1 = OBm * r .
Here is a list of some Excel & Google Sheets functions that can be utilized for loan amortization calculations:
PMT(periodic_rate, number_of_periods, present_value, [future_value], [end_or_beginning]) - calculates the payment for a loan based on constant payments and a constant interest rate. The payment value returned by PMT includes both principal and interest. To find the total amount paid over the duration of the loan, multiply the returned PMT value by the total number of payments for the loan.
NPER(periodic_rate, payment_amount, present_value, [future_value], [end_or_beginning]) - returns the number of periods for a loan based on periodic, constant payments and a constant interest rate.
IPMT(periodic_rate, period, number_of_periods, present_value, [future_value], [end_or_beginning]) - calculates the interest paid (or received) for the specified payment period of a loan (or investment) with even principal payments and a constant interest rate.
CUMIPMT(periodic_rate, number_of_periods, present_value, first_period, last_period, end_or_beginning) - calculates the cumulative interest over a range of payment periods (between start_period and end_period) for an investment (or a loan) based on constant-amount periodic payments and a constant interest rate.
PPMT(periodic_rate, period, number_of_periods, present_value, [future_value], [end_or_beginning]) - calculates the payment on the principal for a given payment period of an investment (or a loan) based on constant-amount periodic payments and a constant interest rate.
CUMPRINC(periodic_rate, number_of_periods, present_value, first_period, last_period, end_or_beginning) - calculates the cumulative principal paid over a range of payment periods (between start_period and end_period) for an investment (or a loan) based on constant-amount periodic payments and a constant interest rate.
FV(periodic_rate, number_of_periods, payment_amount, [present_value], [end_or_beginning]) - calculates the future value of an annuity investment based on constant-amount periodic payments and a constant interest rate. It can be used to calculate the outstanding balance of a loan after the given number of payment periods.
See also:
Effective Annual Rate (EAR) Converter
TFSA Calculator
Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit Calculator
Google Sheets function list
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