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

Printable amortization schedule pdf & excel to calculate your monthly mortgage or loan payments.The free printable amortization schedule with fixed monthly payment is printable, downloadable as a PDF file, and exportable as an excel spreadsheet.

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.

Payment #Interest PaidPrincipal PaidTotal PaymentRemaining Balance

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.

Payment #Interest PaidPrincipal PaidTotal PaymentRemaining Balance

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.

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


How to calculate amortization schedule with fixed monthly payment? ›

To calculate amortization, first multiply your principal balance by your interest rate. Next, divide that by 12 months to know your interest fee for your current month. Finally, subtract that interest fee from your total monthly payment. What remains is how much will go toward principal for that month.

Can I print an amortization schedule? ›

For more complicated loan borrowing scenarios you should use an online spreadsheet, which also allows you to save or print out your loan amortization as a PDF. Periods per Year (12 for monthly, 26 for bi-weekly, 52 for weekly, etc.)

Can I make my own amortization schedule? ›

It's relatively easy to produce a loan amortization schedule if you know what the monthly payment on the loan is. Starting in month one, take the total amount of the loan and multiply it by the interest rate on the loan. Then for a loan with monthly repayments, divide the result by 12 to get your monthly interest.

Does Excel have an amortization schedule template? ›

General Loan Amortization Schedule Template

This all-purpose Microsoft Excel amortization schedule template can be used for a variety of loan types including personal loans, mortgages, business loans, and auto loans. It calculates the interest and principal payments for a given loan amount within a set timeframe.

What is the formula used to calculate the fixed monthly payments? ›

The fixed loan payment formula is P = r ∗ P V / ( 1 − ( 1 + r ) − n ) , where P is the monthly payment, r is the annual interest rate, P V is the loan's maturity value, and n is the number of months until the maturity date.

How to solve amortization problems? ›

Amortization Formula
  1. PMT=P⋅(rm)[1−(1+rm)−mt]
  2. P is the balance in the account at the beginning (the principal, or amount of the loan)
  3. r is the annual interest rate in decimal form.
  4. t is the length of the loan, in years.
  5. m is the number of compounding periods in one year.
May 26, 2022

Can QuickBooks do an amortization schedule? ›

QuickBooks does not have a built-in tool to automatically calculate amortization schedules. For example, to amortize a loan in QuickBooks, you can set up the loan as a long-term liability account. Then each time you make a loan payment, record it with a check or journal entry against that loan account.

What is the difference between amortization and amortization schedule? ›

Amortization typically refers to the process of writing down the value of either a loan or an intangible asset. Amortization schedules are used by lenders, such as financial institutions, to present a loan repayment schedule based on a specific maturity date.

How to calculate monthly payment on a loan? ›

The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.

What is a normal amortization schedule? ›

An amortization schedule, often called an amortization table, spells out exactly what you'll be paying each month for your mortgage. The table will show your monthly payment, how much of it will go toward your loan's principal balance, and how much will be used on interest.

Does paying extra principal change amortization schedule? ›

Paying a little extra towards your mortgage can go a long way. Making your normal monthly payments will pay down, or amortize, your loan. However, if it fits within your budget, paying extra toward your principal can be a great way to lessen the time it takes to repay your loans and the amount of interest you'll pay.

What are alternatives to amortization schedule? ›

Types of Non-Amortizing Loans
  • Type 1: Balloon Loan. ...
  • Type 2: Interest-Only Loans. ...
  • Type 3: Deferred-Interest Programs.

Is there an Excel formula for amortization? ›

The beginning loan amount changes each month since a portion of the principal balance is being repaid as part of the monthly payment. Alternatively, we can use Excel's IPMT function, which has the following syntax: =IPMT(rate, per, nper, pv, [fv], [type]).

How do you create an amortization schedule in sheets? ›

Creating an amortization schedule in Google Sheets requires using functions like PMT, IPMT, and PPMT. Start by inputting loan details such as principal, interest rate, and term. Use these functions within a table to calculate periodic payments, interest, and principal amounts.

How to calculate monthly payment in Excel? ›


the result is a monthly payment (not including insurance and taxes) of $966.28. The rate argument is 5% divided by the 12 months in a year. The NPER argument is 30*12 for a 30 year mortgage with 12 monthly payments made each year. The PV argument is 180000 (the present value of the loan).

How do you calculate fixed assets amortization? ›

How do you calculate amortization?
  1. The first step is to identify both the basic and residual value. The basic value is the amount that was paid to get the asset. ...
  2. Once you have the value, divide that by the years of the intangible asset's useful life. ...
  3. Now, each year, record the value of the asset on the income statement.
Oct 5, 2023

What is the amortization schedule of monthly mortgage payments? ›

An amortization schedule, often called an amortization table, spells out exactly what you'll be paying each month for your mortgage. The table will show your monthly payment, how much of it will go toward your loan's principal balance, and how much will be used on interest.

Do amortization schedules produce fixed or variable payments? ›

Some loans have a fixed interest rate. And some loans have a variable interest rate. You can learn more about how fixed rates and variable rates differ. With fixed-rate loan amortization, the loan payments will typically be fixed, equal amounts.

How are monthly payments applied in an amortized loan? ›

An amortized loan payment first pays off the interest expense for the period; any remaining amount is put towards reducing the principal amount. As the interest portion of the payments for an amortization loan decreases, the principal portion increases.


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