This free online amortization calculator lets you compare various frequency payment options, including bi-monthly, monthly, and bi-weekly payments. This calculator is great for car and mortgage loan amortization. The calculator is easily printed using the print button below. The amortization schedule shows up to 12 payment periods, beginning with the first number chosen in the No. column. See our Amortization Schedule or Home Mortgage Calculator to download a spreadsheet that lets you do the same thing that this online amortization calculator does, plus more.


Loan Amortization Calculator      
Enter the loan amount, the annual interest rate, the term of the loan, the first payment date, and the payment frequency. See notes at the bottom of the page for more information.  
  Loan Amount     
  Annual Interest Rate     
  Term of Loan in Years     
  First Payment Date     
  Frequency of Payment     
  Rate (per period)    
  Payment (per period)    
  Number of Payments    
  Total Payments    
  Total Interest    
Amortization Schedule  
No. Due Date Payment Interest Principal Balance  
Comparison of Payment Frequency Options  
Frequency Payment* Interest** Total  
* The payment due per frequency period  
** The total amount of interest paid  
Note: The above tables do not account for rounding of the payment!  


Term of Loan: Mortgage loans usually have 15 or 30-year terms. Auto loans are usually between 2 and 5 years. For a 6-month term, enter 0.5.

First Payment Date: Assumes that the first payment date is at the end of the first period.

Payment (per period): This is the amount that you would pay by the due date each period. Although the payment is rounded, this calculator does not account for rounding, so the balance may be off by a few cents or dollars.

Total Interest: This is the total amount of interest that you would pay, assuming that you make all of your regular payments.

What does the "Comparison of Payment Frequency Options" show? This table lets you compare the payments, and more importantly, the total amount that you would pay, without having to manually keep changing the payment frequency in the amortization calculator. The point is that making more frequent payments usually results in a lower total paid. By the way, bi-weekly payments are usually only allowed when using direct deposit.

Other Amortization Spreadsheets and Calculators:

Note: This amortization calculator is meant for educational purposes only. Please consult your financial advisor or lending institution before making any final financial decisions.