If you have a question about the calculator or about amortization, attach a comment to this page. But please, be sure you’ve checked the FAQ Page first. (You’ll need to create an account to post a comment.)

179 Replies to “Questions”

  1. Hi Bret,

    I was able to use your calculator and its great, I have one question. Is it possible to figure out the same information but with the balloon payment at the beginning(ie. down payment)

    Thank you for a prompt response

    1. Hi, Josyane. Perhaps I’m misunderstanding your statement, but a down payment is not part of the amount to be financed, and so it is not part of the amortization. If you buy a $100,000 property with 20% down, you’re only financing the remaining $80K. And though there may be a month’s initial interest folded into the closing costs, there is no interest due on a down payment.

      If my assumption is mistaken, please correct me.


  2. Can you tell me where to find an amortization calculator that allows for late payments, early paymets, etc… As a real estate investor, I really need this.

  3. Brett, I just wanted to thank you for your wonderful calculator. I have posted a link to it on my website and I just wanted to say thank you. In my business, this is a very valuable tool and truly helps me to complete my website. Thanks again. You are awesome.

  4. Brett, thank you SO MUCH for the calculator! I use it several times a month. However, today I encountered a problem with the calculation of interest. I plugged in $5500.00@ 10.25% for 4 payments, 24 payments/yr. The total interest paid is listed as $54.71. I think it should be more along the lines of $93.95??? I would appreciate your input on this. And thanks again for this great tool!

    1. Hi, C.S. The interest calculation looks correct to me given the numbers you’ve provided. However, maybe you really wanted the payments to extend over 4 months, rather than 4 payments? (Specifying 24 pmts/year, 4 payments = 2 months.) If this is the case, then the interest turns out to be $106. 7 payments gets closer to your expected value with a total interest of $94.36.

  5. My question is this…
    I understand that if you take your monthly mortgage payment and divide that amount by one-half and pay it twice a month your payoff time on a conventional 30 year mortgage will be reduced by approximately 7 years. If this is true, how can one demonstrate this using your loan amortization calculator? Thanks.

    1. Hi, stampman. I suspect that the loan acceleration program you’re talking about is just a little different than you’ve described. Usually one makes payments every two weeks, not twice a month, and because one is paying half the regular mortgage payment every two weeks, then the equivalent of one extra monthly mortgage payment is paid every calendar year (26 bi-weekly payments instead of 24 twice-monthly payments). You can test these payment schemes by changing the number payments per year to 26 (or 24). Then set the payment amount to the bi-weekly (or twice-monthly) amount, clear the number of regular payments field, and click calculate to see how much of the loan you’ve lopped off.

  6. Hi, gth48. The calculator is not designed to do the sort of calculation you’re asking, as you’re not actually performing an amortization. Instead of an amortization calculator, you just need some sort of an interest calculator.

    There are at least two questions to which you need to know the answers before you could make this calculation accurately: (1) How is the annual interest rate turned into a periodic (i.e., monthly) rate? (2) Is the interest compounded, and if so, on what basis? or is it simple interest?

    You can probably find some help for this calculation if you search for “compound interest calculator” or “simple interest calculator”.

  7. Brett, My apologies but I am needing some help, and cannot figure out how this would be entered..I am not that smartest student in the room…especially in Math. So here goes….a 25,000.00 loan payments for 168 months, at a 8 percent interest would come out to how much? I am sure this is not rocket science..I just can’t get it.

  8. Hi, Geo. I’m not familiar with this repayment scheme, and it seems like there are some details left out. I don’t know of such a calculator, but it seems like the math for such a scheme wouldn’t really require a specialized calculator.

  9. Hi Bret,

    I’ve used your calculator more times than I can count over the last few years. Thanks for creating it. I am writing to request a calculator with different input parameters. There are loans out there (I have one with a credit card co. and am considering another with my bank) where your monthly payment is based on paying a percentage of the principle plus interest on the principle. For example, the one I have with the credit card is based on paying 1.5% of the principle plus 3.99% interest for the life of the loan. It’s a fairly agressive pay down scheme that I like, but I cannot find a calculator with a payment schedule. Do you know if one? Would you considr creating one?
    Thanks and best wishes.

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