Generate your own amortization schedule with our monthly amortization table calculator. It is not just an amortization calculator, it also computes for the required income, total interest/payments, and generates a schedule of payments.
Amortization Table Calculator
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How to use our Amortization Table Calculator
Step 1: To create your own Amortization Schedule, just enter details from your home loan in the fields for data input:
- Home Price – This is the selling price of the property you want to buy
- Downpayment in % – This is the downpayment amount you intend to pay upfront in percent
- Length of Loan (Loan Term in Years) – This is the number of years you intend to pay the home loan
- Interest rate in % – This is the annual or yearly interest rate (get this from the listing or the bank/seller)
- Mortgage Start Date (mm/dd/yyyy) – Specify the start date of your loan to generate an amortization schedule that coincides with your loan. If you don’t specify any date, the default will be today’s date.
Step 2: Click the “Calculate” button and the results as well as the table/schedule of payments will show.
Explanation of Calculated Results
After entering the values, the following are automatically calculated and displayed:
- Beginning Principal Amount – This is the selling price less downpayment amount, if any. Can also be referred to as the loan amount.
- Downpayment amount – This is the calculated downpayment amount based on the downpayment percentage you entered, if any. This is equal to Home Price multiplied by Downpayment percent. Can also be referred to as the buyer’s equity.
- Monthly Payment – This is the calculated monthly amortization payments. I intentionally did not include any currency because the resulting table can actually be used with different currencies.
- Gross Monthly Income Requirement – This is the calculated Gross Monthly Income you need to have in order to qualify for a home loan. In the Philippines, the monthly amortization should not exceed 40% of the Gross Monthly Income, and Gross Monthly Income can be calculated by simply dividing the monthly amortization by 40%.
- Total Monthly Payments – This is the total monthly amortization payments for the whole loan term which include both interest and principal.
- Total Payment To Interest – This is the interest only portion of the monthly payments for the whole loan term.
- Amortization Table Schedule – This table includes the month, monthly payment, interest, principal, and principal balance. I’ll explain these columns below:
- Date – Includes the scheduled date of payments and starts with the date you entered under “Mortgage Start Date”. If no date is entered, this will start by default on the current day.
- Payment – This will be the calculated monthly amortization payment amount.
- Interest – This will be the portion of the monthly payment that goes to interest. At the start of the loan, the interest amount is highest since the principal is also at the highest.
- Principal – This will be the portion of the monthly payment that goes to the principal. This is at the smallest at the start of the loan and will increase each month as the interest decreases. This is subtracted from the remaining principal from the previous month, which is why the balance become smaller after each monthly payment.
- Principal Balance – This is the remaining balance after a monthly payment is made. This goes down each month as the principal is paid until it becomes zero at the end of the loan term.
Applicable for real estate mortgages and other types of home loans in the Philippines
Use this amortization table for loans like home loans or mortgage loans and other types of loans available in the Philippines. This is actually applicable to any type of loans that are amortized and include principal and interest.
Installment payments through a Contract-To-Sell are also common in the Philippines, especially with buying foreclosed properties, and you can also use our amortization schedule calculator for these types of installment payments.
Use Cases For Amortization Tables/Schedules
As a home buyer getting a loan
If you are getting a housing loan, it would be wise to make sure that the monthly payments you make are accurate. This will also allow you to check how much is the remaining balance for your home loan for any given month (it feels great to see your loan becoming smaller each month).
Furthermore, you will see the interest payments per month, and more importantly, for the whole term. This should give you an idea how much money goes to interest when you get a housing loan, and how much you will save by paying it off early!
As a real estate investor flipping foreclosed properties
If you are a real estate investor who flips properties with installment terms, most buyers will ask for an amortization schedule for the reasons stated above, and this tool will help you create one.
As a real estate broker/sales person
If you are a licensed real estate broker or agent (a.k.a. sales person), I’m sure you know you will always get asked “Can I please have a sample computation?”.
That sample computation should always include an amortization schedule/table. Now it is so easy to create with this tool.
Of course you need to be able to explain how the data is computed. More on this below.
Amortization Table Example
Sample property: You are buying a property through a mortgage loan, with a selling price of Php 1 Million, and the required downpayment is 20% of the selling price, with the balance payable for 10 years, at 10% annual interest rate.
How much will be the monthly amortization payments and what will be the amount that goes to the principal and interest per month?
Solution: By entering the given data in the amortization table calculator above, we get the following:
Downpayment is Php400,000.00
Monthly Amortization Payment is Php21,144.12
Gross monthly income required is Php52,860.30
Now this is interesting, the beginning principal amount (or loan amount) is just Php1.6 Million, but the total monthly payments will be Php2,537,294.40!
This means the total interest is Php937,294.40!
Imagine how much you will save by paying cash instead of getting a loan!
Of course, not everyone will have enough cash, so the next best thing would be to pay-off the loan early.
With the amortization table, you’ll know exactly the amount you need to pay when you are ready, just look at the remaining balance on the month of your last payment. 🙂
(Because the table is very long, I’ll just show the screenshot for the top with a few rows from the amortization table)
This is the bottom part of the example amortization table. Take note of the Principal Balance column which becomes zero with the last monthly payment.
Use for home loans from any bank/lending institution (not just those in the Philippines)
You can use our home loan calculator to double-check estimates/sample computations from any bank/lending institution in the Philippines.
Simply change the interest rate and loan term that is being offered to you by the bank/lending institution so you can quickly compare and check.
How did I make this amortization table calculator?
Since I know how to make an amortization table in excel, and I also know how to generate amortization factors based on the loan term and interest rate, it was simply a matter of finding a way to put everything into a calculator that tabulates the results.
For more info on amortization factor rates (including how to compute for the monthly interest), check out this article: Amortization Factor Rate Calculator (Quickly Compute For Monthly Payments).
Want me to add something?
Since I made this Amortization Table Calculator myself, I added more to it so it can include info important to me (ex. total interest paid, required gross monthly income, etc.).
This is actually based on the simple mortgage and home loan calculator I made years ago, but I always wanted to update it so it can also create an amortization schedule/table.
Is there anything you want me to add?
Let me know through the comments below. Thanks!
Disclaimer
The amounts you will get above are for reference purposes only. Always get the actual amount from the bank/lending institution. As always, our standard site disclaimer applies.
