Amortization Schedule Calculator
The Amortization Calculator is a helpful tool that allows you to calculate the periodic payment amount due on a loan. It provides a detailed schedule of payments, showing how much of each payment goes towards interest and how much goes towards the principal balance. This can be used for various types of loans, such as mortgages, auto loans, or personal loans, to help you understand how your loan will be paid off over time.
How to Use
To use the Amortization Calculator, follow these simple steps:
- Loan Amount ($): Enter the total amount of money you are borrowing.
- Interest Rate (%): Input the annual interest rate for the loan.
- Loan Term (Years): Specify the total number of years you have to repay the loan.
Once you have entered all the required information, click the “Calculate” button to generate the amortization schedule. The schedule will show you a breakdown of each payment, including the payment number, the amount paid towards interest, the amount paid towards the principal, and the remaining loan balance.
Amortization Calculations:
A loan can also be amortized with fixed principal payments. In this case the principal amount remains the same as the loan is paid off. The interest charged decreases so the monthly payment also decreases.
The basic calculation for the amortization schedule uses our mortgage payment calculator formula.