Free planEASe utility
Payments for five loan amounts at seventeen interest rates. Click any payment to move it to the center, then open the amortization schedule for that loan. Share it as a link or download a PDF.
Try: $2M commercial loan $400K rental, 30 years Equipment loan, quarterly Balloon payment
Click a payment to move it to the center. The rate and amount steps set the spacing of the rows and columns.
How the payment table and amortization schedule work, and how to use them to compare financing.
Enter a loan amount, interest rate, number of payments and payment timing. The payment table shows the payment for five loan amounts across the top and seventeen interest rates down the side, centered on your loan. The Loan amount step and Rate step set the spacing between columns and rows.
Click any payment in the table to make it the new center. That is the quickest way to answer "what if the rate is half a point higher and I borrow $100,000 less?" Then open Amortization for the full payment-by-payment schedule of the center loan.
Every input is kept in the page address, so Copy link gives you a link that rebuilds the same table or schedule. Download PDF creates a report of whichever view is showing, in your browser. Nothing is stored on our servers.
Each payment is the level amount that pays off the loan in full over the number of payments shown. With a loan amount L, a periodic rate i (the annual rate divided by the number of payments per year) and n payments, the payment is L × i / (1 − (1 + i)−n). At a 0% rate it is simply L / n.
Payments are rounded up to the cent, so the final payment is slightly smaller than the rest and the balance ends at exactly zero. Total paid is the payment times the number of payments. Effective annual rate is the annual rate after compounding at the payment frequency; see Interest Rate Comparisons for more on nominal and effective rates.
Payments can be weekly, bi-weekly, monthly, quarterly, semi-annual or annual. When you change the timing, the number of payments changes to keep the same term in years: 360 monthly payments become 780 bi-weekly payments, both 30 years.
Bi-weekly means 26 payments a year, which is not the same as two payments a month. Paying half the monthly payment every two weeks adds up to one extra monthly payment a year, which is why it pays a loan off early.
The schedule shows each payment split between interest and principal, the running interest total for the year, and the balance after the payment. A Total row at the end of each calendar year gives that year's interest and principal, which is what you need for tax records and for projecting a property's cash flow.
Many commercial loans amortize over 25 or 30 years but come due in 5, 7 or 10. To find the balloon payment, set the number of payments to the amortization period, open the schedule, and read the principal balance at the end of the year the loan matures. Try it with a $2,000,000 loan amortized over 25 years.
It covers fully amortizing, fixed-rate loans with level payments. It does not model interest-only periods, adjustable rates, loan fees or points, prepayment penalties, or interest calculated on a 360-day year, which many commercial lenders use and which makes the true cost slightly higher than the quoted rate. Your lender's loan documents set the actual payments.
This calculator is a planning tool, not financial advice.
Payments fully amortize the loan over the number of payments shown, with interest at the nominal rate divided by the number of payments per year. The final payment absorbs any rounding so the balance ends at zero.
This is the Loan Planner utility from the planEASe desktop software. Read the manual page, compare rates with Interest Rate Comparisons, run a schedule with the Asset Depreciation Calculator, or try the IRR, NPV & MIRR Cash Flow Calculator.