Variable-Rate Amortization Schedulechanging rates and payments, interest-only, balloon

Enter the loan amount and the date it was drawn, then describe the loan as steps. Each step has a number of months, an annual rate and a monthly payment. The schedule starts a month after the date drawn and runs through the steps in order. When the balance reaches zero the loan is paid off and any later steps are ignored.

The Monthly view lists every payment, grouped by calendar year with a totals row for each year. The Yearly view shows one line per year. Download PDF prints the view that is showing.

• Fixed-rate loan. One step. Use the payment calculator to fill in the level payment for the term.
• Rate changes. A step for each period at its own rate, such as three years at 5%, then two at 6%. For each later step the calculator works from the balance the earlier steps leave.
• Interest-only period. A step whose payment is the interest-only payment (the calculator's Interest only button), followed by an amortizing step.
• Balloon. Steps for the regular payments, then a one-month step whose payment pays off the rest (the calculator's Balloon button). If the steps end with a balance still owed, the schedule shows it as the balance due at the last date.
• Negative amortization. A payment smaller than the month's interest. The shortfall is added to the balance, and it still counts as interest.

Each month's interest is the balance times the annual rate divided by twelve, rounded to the cent (halves round up). The payment is applied, the difference is principal, and the new balance carries to the next month. The final payment of a loan is the remaining balance plus that month's interest, so it is usually a little different from the others.

This is the same arithmetic as the planEASe desktop software, so the schedule matches it to the cent. Payments fall on the date drawn plus one month, two months, and so on, and are moved back to the last day of a shorter month when needed.

Click calc beside a step, or press P in its Payment cell. The calculator uses the balance at the start of that step and the step's rate. Amortize over fills in the level payment that pays the balance off in the number of months you give; Interest only fills in the interest for one month; Balloon fills in the payment that pays off the balance and one month of interest.

Copy link gives you an address that rebuilds this exact loan, so you can send it to someone or bookmark it. Everything is kept in the address; nothing is stored on our servers. A very long loan (many steps and a long description) can be too long for a link, and the page tells you when that happens.

Download .ut4 saves the loan as a file that planEASe for Windows opens, and Open .ut4 loads a file saved by it. Files saved here use the corrected steps, as the desktop does: a step that pays the loan off has its months corrected, and steps after payoff are dropped.

A loan can have up to 200 steps and 1,000 payments, rates from 0 to 60 percent, and an amount up to $1,000,000,000.

The schedule uses monthly interest on a 30/360 basis. A lender's own schedule may differ because of how it counts days, rounds interest, applies payments that arrive early or late, or charges fees. It does not include fees, points, taxes, insurance or prepayment penalties. Use it for planning, and rely on your lender's statements for what you owe. This calculator is a planning tool, not a loan offer or financial advice.