Printable Amortization Schedule (pdf) - Fixed Monthly Payment (2024)

What is an Amortization Schedule?

When borrowers apply for a mortgage to finance the purchase of their home, they need to repay the loan to the lender on a monthly basis.A mortgage amortization schedule is a table that shows each monthly payment that borrowers will make throughout the loan. The amortization schedule usually lists the monthly payment amount, principal payment, interest payment, and the remaining balance.While the monthly payment amount stays the same on a conventional mortgage with a fixed interest rate, the principal and interest amount varies each payment.

How Does Amortization Work?

A traditional mortgage with a fixed interest rate has a fixed monthly payment. In the beginning, the majority part of the payment is for interest, with little money paying down the principal. As time progresses, the ratio between interest and principal will get smaller and eventually reverse.For this reason, the longer the term, the more interest a borrower will be paying. The most common mortgage terms are 30 years and 15 years in the United States. Borrowers will be paying a lot more money in interest with a 30-year term than a 15-year term mortgage.

Amortization Schedule Example

Let's take a look at an example of how much more a borrower will pay at the end of a 30-year term compared to the 15-year term.Example 1Mortgage Amount = $300,000Term = 15 yearInterest Rate = 5%The monthly payment is $2,372.38 for the 15-year term, and the total payment is $427,028.56 when the mortgage is paid off after 15 years.Example 2Mortgage Amount = $300,000Term = 30 yearInterest Rate = 5%The monthly payment is $1,610.46 for the 30-year term, and the total payment is $579,767.35 when the mortgage is paid off after 30 years.As we can see from the above 2 examples, a $300,000 mortgage with a 15 year term and a fixed rate of 5% pays about $127,028.56 in interest and a total payment of $427,028.56, whereas a 30 year term with the same interest pays about $279,767.35 and a total payment of $579,767.35.Borrowers pay $152,738.79 more in total payment on a mortgage of $300,000 on a 30-year term although the monthly payment is lower.

How to Calculate Amortization Schedule?

An amortization schedule consists of four parts, the monthly payment, interest payment, principal payment, and the remaining balance. Therefore, we must have an amortization schedule formula that calculates each of the four items.Following are the step-by-step instructions on how to calculate the amortization schedule.Amortization Schedule FormulaStep 1 - Calculate the monthly paymentMonthly Payment = (P x i/100/12) / (1 - 1 / (1 + i/100/12)^ n)), whereP = Balancei = interest raten = number of months to pay off the loanThe reason we need to divide the interest rate by 100 and 12 is that we need to express the interest rate in decimal instead of percentages, and there are 12 months in a year.Using the above formula, we will get the monthly payment, but we still need to find the interest and principal payment each month.

Step 2 - Calculate the monthly interest paymentTo calculate the monthly interest payment, we will need to divide the annual interest rate by 12 as there are 12 months in a year. We also need to divide the interest rate by 100 to express the interest rate as a decimal instead of a percentage.Interest Payment = (i / 12 / 100) x Balance, wherei = interest rateStep 3 - Calculate the monthly principal paymentThe monthly payment is calculated by subtracting the total monthly payment from the interest payment for that month.Principal Payment = Monthly Payment - Interest PaymentStep 4 - Calculate the remaining balanceThe remaining balance is calculated by subtracting the monthly payment from the current balance.Remaining Balance = Current Balance - Monthly Principal PaymentStep 5 - Repeat steps 1 - 4 until the mortgage is the payoffSteps 1 - 4 calculate only the first month of an amortization table. In order to get a complete amortization schedule, we need to repeat steps 1 - 4 for the whole payment term until the mortgage is paid off. The only difference is that we will base our calculation on the remaining balance instead of the original loan amount.For a 15-year mortgage, we would have to repeat the above steps 180 times as there are 12 months in a year, and 15 x 12 = 180.

Creating An Amortization Schedule

Let's take a look at how we will create an amortization for a $300,000 mortgage with a 5% interest and 30-year term.Step 1 - Calculate the monthly paymentPlug in the monthly payment formula, and we get
Monthly Payment = (P x i/100/12) / (1 - 1 / (1 + i/100/12)^ n))Monthly Payment = (P x i/100/12) / (1 - 1 / (1 + i/100/12)^ n))= (300,000 x 5/100/12) / (1 - 1 / (1 + 5/100/12)^ 360))= (300,000 x 0.004167)/(1 - 1/(1 + 0.004167) ^ 360)= 1,250.1/(1 - 1/1.004167^360)= 1,250.1/(1- 1/4.46828)= 1,250.1/(1 - 0.2238)= 1,250.1/(0.7762)= 1610.46$1,610.46 is the total monthly payment that a borrower will be paying each month. On a fixed interest mortgage, the monthly payment will stay the same throughout the loan terms, so you only need to calculate the monthly payment once.Step 2 - Calculate the monthly interest paymentInterest Payment = (i / 12 / 100) x Monthly PaymentInterest Payment = 5/12/100 x 300000= 0.004167 x 300000= 1250$1,250 is the total interest payment for the first month.Step 3 - Calculate the monthly principal paymentPrincipal Payment = Monthly Payment - Interest Payment= 1,610.46 - 1,250= 360.46$360.46 is the total principal payment for the first month. As we can see from the above, the interest payment for the first month far exceeded the principal payment. Interest payment will continue to be much more than the principal until a few years later.Step 4 - Calculate the remaining balanceRemaining Balance = Current Balance - Monthly Principal Payment= 300,000 - 360.46= 299,639.54The remaining balance is $299,639.54 after the first monthly payment on the mortgage.Now, we have all the parts for our amortization schedule for the first months, and it would look like this.

Step 5 - Repeat steps 1 - 4 until the mortgage is the payoffSince this is a 30 year term, we would have to repeat the above steps 360 times to get the complete amortization table. We won't repeat the steps here, but the following is what the amortization schedule would look like.

Amortization Schedule Calculator

It is tedious to create an amortization schedule manually by hand, that's why we created the amortization schedule calculator to make your life easier.Our amortization calculator will show you a free printable mortgage amortization schedule that has a breakdown of your monthly payment so you know exactly how much is paying interest vs. principal from each payment. The remaining balance of your mortgage will also be shown. You also have the option to view the payment schedule by year or month.There will be a summary showing the total interest, total payment, and payoff date for your mortgage. If your mortgage doesn't start today, you have the option to select a date from the past or any date from the future.Following are the definitions for the amortization calculator.Loan Amount - Mortgage or the loan amount that you have or planning to apply.Loan Terms - You can enter a 30 year, 15 year, or any other term for your loan.Interest Rate - A fixed rate for your mortgage.First Payment Date - Select a start date for your mortgage.Amortization schedule - View the amortization by year or month.The mortgage loan calculator is simple and easy to use and comes with a printable amortization schedule with dates.

Amortization Schedule With Fixed Monthly Payment

The amortization schedule is printer friendly, so that you can easily view the amortization table at your convenience. After you calculate your mortgage, there will be a green button called "Print" showing below the payment schedule. Hit that print button to print the payment schedule.

Export Amortization Schedule to Excel & PDF

Not only is our payment schedule printable, but you can also export it to pdf format so you can save it for later view. There is a "Save as PDF" button shown next to the "Print" button that allows you to save the amortization schedule.We've also recently added the functionality to export the amortization schedule to an Excel spreadsheet or as a text file. Different versions of the excel format are supported for the amortization table.This is a simple loan calculator that allows you to see the amortization schedule by month or year.If you need to include more options in your mortgage calculations such as the home value, PMI, property tax, homeowners insurance, payment frequency, and extra payment, please use ourprintable amortization schedule with extra payments.If you need an amortization schedule with irregular payments, use the Excel Amortization Schedule With Irregular Payments.

Payoff Your Mortgage With Extra Payment?

Most people never look at the payment breakdown of each payment between interest and payment and do not understand how the amortization works. Therefore, they may not even know there are other options to pay off their mortgage faster and save on interest payments.Of course, these options are not for everyone, because paying off your loan means you have to make extra payments. To learn more about these options, check out our biweekly payment calculator and extra payment calculator.

Other Amortization Schedule Calculators

We also offer other mortgage calculators with amortization schedules for unconventional loans such as FHA, USDA, and VA mortgages.A commercial mortgage calculator is also available for those who are interested in commercial properties. We also offer mortgage calculators for early payoff, refinance, and balloon calculators.All of the mortgage calculators have the built in function for a printable amortization schedule. For those who are looking for a balloon mortgage calculator, use the printable amortization schedule with balloon payment.