Why this calculator is different
Reconcile the loan in the order events actually happened
Ordinary amortization calculators assume every payment arrives on schedule. Real loans often do not. A late payment changes the number of interest-accrual days, a principal-only payment changes every later per-diem amount, and an advance raises the balance that earns interest.
This calculator processes each dated transaction in chronological order. Before applying a transaction, it first accrues simple daily interest on the principal that was outstanding during that interval.
The 365-day basis is common for actual-day calculations. Some notes instead use a 360-day convention. Use the convention stated in the loan documents.
Payment application matters
The calculator can apply ordinary payments to accrued interest before fees, or fees before accrued interest, with the remainder going to principal. Principal-only payments bypass accrued interest and fees. That distinction can materially change the running balance.
Need to save and document a real reconciliation?
Loan Reconciliation & Payoff Pro is designed for more detailed payment-history work, while Amortization Pro creates complete scheduled amortization tables.