This amortization calculator will help you determine how much of your monthly payment will go toward the principal and how much will go toward the interest. You can also use this calculator to create a printable amortization table for your loan and to estimate the monthly payments on your mortgage. Simply fill in the fields below and click on calculate.
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About BankrateA mortgage amortization calculator shows how much of your monthly mortgage payments goes toward principal (the money you borrowed), and how much goes toward interest.
Amortization
Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest.
With a mortgage, the amount going toward principal starts out small, and gradually grows larger month by month. Meanwhile, the amount going toward interest declines month by month.
The amortization schedule calculator shows:
This means you can use the mortgage amortization calculator to:
Market value - All mortgage debt = Equity
Example: The Smiths bought a house four years ago. Today, it's worth $200,000 and they owe $120,000 on the mortgage.
Their equity is: $200,000 market value - $120,000 mortgage balance = $80,000 equity
To use the mortgage amortization calculator, enter your mortgage amount, the term in years, the interest rate and the start date. Click on "Show Amortization Schedule."
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