Amortization Schedule Calculator

Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the interest, and the other part goes toward the loan principal. With mortgage amortization, the amount going toward principal starts out small, and it gradually grows larger month by month. Meanwhile, the amount going toward interest declines month by month for fixed-rate loans.

Your amortization schedule shows how much money you pay in interest and principal over time. Use this calculator to see how those payments break down over your loan term.

What is an amortization schedule?

An amortization schedule is a table that lists each regular payment on a mortgage over time. A portion of each payment is applied toward the principal balance and interest, and the amortization schedule details how much will go toward each component of your mortgage payment.

Initially, most of your payment goes toward the interest rather than the principal. The schedule will show as the term of your loan progresses, a larger share of your payment goes toward paying down the principal until the loan is paid in full at the end of your term.

More Mortgage  Calculators

These calculators will open in a new window and allow you to calculate different scenarios. 

If you are in credit card debt, you might be interested in setting a goal to have that card paid off by a certain time. In order to reach that goal, however, you need to know how much money you have to send each month in order to have the card paid off by that date.

When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. With an interest only loan, you will pay only on the interest when you make your monthly payments and you will eventually be called upon to pay the principal. It is a wise financial decision to compare the two types of loans before deciding which one is best for you.

When applying for a mortgage, you will most likely be presented with the option to pay points to lower your interest rate. In order to determine if this investment is worthwhile for you, you will need to know the amount of your loan, the interest rate before the purchase of points, and the interest rate after the purchase of points. You will also need to know the length of the loan and your savings rate.

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.

Determining your mortgage loan principal - money you still owe to the bank for your house, can be very beneficial, particularly if you are looking to pay your mortgage off ahead of time. In order to figure out your remaining balance, you only need to know the loan amount, the interest rate on your loan, the length of your loan, and how many months you have already paid. Together, all of these factors will help you figure out the amount of principal you still owe.

HELOC stands for Home Equity Line Of Credit. HELOC is an option you might want to consider if you have certain amount in your home equity and your debt payments are more than you can afford to make each month. In addition, it can help you lower your interest rate on those same debts.

While shopping for a home mortgage loan, you will be presented with different loan options. Plugging this information into the loan comparison calculator will allow you to determine which one is the best option for you.

Is it financially better to buy a home or to rent? The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

Credit card minimum payments may seem convenient on the surface, but only making the minimum payment each month can be quite costly and it can take you several years to finally get your credit card paid off.

When determining your tax benefits, you need to gather together quite a bit of information. Among the pieces of information you will need are:

  • The current value of your home

  • The number of years before you plan to sell the home

  • The amount of your loan

  • The interest rate on your loan

  • The length of your loan

  • The number of points applied to your loan

  • The closing costs when you purchased the home

  • The annual taxes for the property

  • The annual insurance for the property

  • The PMI rate

  • The Federal tax rate

  • The State tax rate

  • The amount of your deductions

 

After plugging in all of this information, you can determine the tax benefit of your home, which will help you determine the amount you are really paying for your mortgage each month.

Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.

Did you know that the advertised APR and the APR you really pay on a loan isn't necessarily the same? It's true! By the time you include other factors such as closing costs, your APR will not be exactly what you thought it was.

If you have finally found your dream home and you haven pre-qualified for a loan yet in order to see how much you can afford when it comes to buying your home, you can work backwards instead. By plugging in certain information, such as the cost of the home, how much the interest rate on the loan is likely to be, and how much you will pay as a down payment, you can determine how much your income will need to be to qualify for the mortgage loan on the home you love.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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