Promissory Note
For a borrower who promises in writing to repay a sum to a lender, such as a personal loan, a seller-financed purchase or a short business advance. It is shorter than a loan agreement and is signed by the borrower.
- Fields
- 31
- Pages
- 3
- Paper
- Letter
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Reviewed
Before you start
What you need to fill it in
- Borrower and lender names and addresses
- Principal amount and date of the note
- Annual interest rate and number of monthly payments
- First payment date and where payments are sent
- Co-signer details, if someone guarantees the debt
What's inside
31 fields, ready to fill
- 23Typed answersnames, addresses, descriptions
- 5Dateschecked as real dates
- 1Calculatedfill themselves from other fields
- 2Signaturessignature and initials
20 required — the editor counts down how many are left while you fill.
Instructions
How to fill out the Promissory Note
- 1
Enter the parties
The borrower is the person or business promising to pay; the lender is the holder of the note.
- 2
Enter amount and rate
Fill in principal, the annual interest rate and the number of monthly payments. The form estimates the monthly payment with standard amortization.
- 3
Set dates and payment place
Enter the first payment date and how or where payments should be made.
- 4
Add a co-signer if needed
A co-signer becomes responsible for the debt if the borrower does not pay. Leave the co-signer line blank if there is none.
- 5
Borrower signs
The borrower (and any co-signer) signs. The lender keeps the original and gives the borrower a copy.
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What filling it looks like
- Edit & fill, Invite to sign and Create form are three modes of the same editor
- Amounts are formula fields: they calculate as you type
- The field navigator counts what's left and jumps to the next field
Shown with our invoice template. Sample content; names are fictional.
Written for: General (US)
This template is a general starting point, not legal advice. Laws differ by state and country; have a qualified professional review it for your situation.
Written by PDFBetter and last reviewed October 15, 2026. Spotted a problem? Tell us.
Promissory Note: questions people ask
Does the lender need to sign a promissory note?
No. A promissory note is a promise by the borrower, so only the borrower and any co-signer sign. The lender may sign to acknowledge the terms.
Should a promissory note be notarized?
It is not generally required for enforceability, though notarization helps if the signature is later disputed. Notes secured by real estate usually come with a notarized mortgage or deed of trust.
How is the estimated payment calculated?
It uses the standard amortization formula with the monthly rate equal to the annual rate divided by 12. Round the agreed amount and write it into the installment field if it differs.
Can a promissory note be signed electronically?
Many can. Notes meant to be sold or transferred as negotiable instruments raise extra questions under the UCC, so ask a lawyer if the note will be assigned.
What happens when the note is paid off?
The lender should mark the note paid and return it or give the borrower a written release.
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