Mortgage Calculator
Amortization Table
[Disclaimer: While every effort has been made to prevent errors in the calculations,
the results are not guaranteed to be accurate.]
This calculator computes the minimum monthly payment and the amortization table for a mortgage or loan taken for several years. The amortization table shows many things including how your monthly payment is used to pay off interest on the loan and the remaining is used to pay off principal.
This calculator computes the minimum monthly payment and the amortization table for a mortgage or loan taken for several years. The amortization table shows many things including how your monthly payment is used to pay off interest on the loan and the remaining is used to pay off principal.
Form Inputs
- Loan Amount -- Principal amount loaned out
- Extra Payment Per Month -- Extra payment made in addition to the minimum monthly payment. Reduce total interest payments and time to pay off loan by paying more than the minimum payment.
- Loan Time -- number of years before the loan must be completely paid
- Interest Rate -- Loan interest rate, specified in APR
Calculator Outputs
- Principal Remaining -- This is the loan amount due after subtracting 'monthly payment towards interest'
- Monthly Payment -- Minimum monthly payment + extra monthly payment
- Monthly Payment towards Interest -- Monthly payment that is used to pay off interest pending that month. This amount can be reduced by increasing extra monthly payment.
- Monthly Payment towards Principal -- Monthly payment that is used to pay off the loan amount
- Total Payments -- Running total of monthly payments
- Total Interest Paid -- Running total of interest paid
Ad photo used under Creative Commons from poeloq