NEWS FLASH - March 2005! To run this on your Windows PC in a standalone program, Download this program. I wrote this small (310KB), fast program which will let you run a full amortization just like on this page, but it will not require an Internet connection. Plus the program allows you to solve for any payment amount given loan amount, rate and term, or to calculate the duration of your loan given a fixed loan amount, rate and payment. It is a completely free program written from scratch by me, with no nasty viruses, spyware, ads, registration alerts, or anything. It is not a fancy commercial product, but it works.

UPDATE #2: To match the math that banks use, I am always going UP with partial pennies on calculated interest so that $99.002 becomes $99.01, not $99.00 like I used to calculate when I rounded to the nearest penny. Those extra pennies add up! Here is a prettier PHP version and here is one that writes the output to a PDF file for saving/printing.

Loan Amount

Annual Interest Rate

Payment Each Period ( to let calculate*)

Periods per Year (12 for monthly, 26 for bi-weekly, 52 for weekly, etc.)

Total Number of Payments OR Total Number of Years

Your interest rate per period is 0.5833 % for 12 total periods ( 1.0000 years)

PeriodYearsBalanceInterestPrincipal
1 0.083 1000.00 5.84 -5.84
2 0.167 1005.84 5.87 -5.87
3 0.250 1011.71 5.91 -5.91
4 0.333 1017.62 5.94 -5.94
5 0.417 1023.56 5.98 -5.98
6 0.500 1029.54 6.01 -6.01
7 0.583 1035.55 6.05 -6.05
8 0.667 1041.60 6.08 -6.08
9 0.750 1047.68 6.12 -6.12
10 0.833 1053.80 6.15 -6.15
11 0.917 1059.95 6.19 -6.19
12 1.000 1066.14 6.22 -6.22
13 1.083 1072.36 6.26 -6.26

Total Payments: $ 0.00
Total Interest $ 78.62

DISCLAIMER: This information is for illustrative purposes only. Numbers may be off by $0.01 per month due to differing methods of rounding so the results are not exact. Also note that the schedule generated here applies only to a loan where all payments are made in full in a timely manner. It does not include any late fees or additional accrued interest due to late payments.
Hugh -
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