A loan amortization calculator creates the schedule of how an installment loan with a fixed number of payments is paid off. Just input the loan amount, length of loan, and your interest rate. The schedule breaks down the principal and interest (P&I) payment so you can see how much of each monthly payment is applied to principal (the amount borrowed) and how much to interest. (Hint: During the early years of repaying a mortgage, the majority of your payment is applied to interest!)
Save Money with Low Mortgage Rates and a Shorter Loan Term
An amortization mortgage calculator can show you how mortgage rates affect your monthly payments. The amortization calculator displays how much your monthly payment will be based on the loan amount, interest rate, and repayment term selected. Play with the numbers and see how much you can save in interest by selecting a shorter term than thirty years.