Amortization Schedule Calculator

Amortization is the process of paying off a debt with periodic payments or installments. Mortgages are an example of an amortizing loan. Usually, you pay a certain amount each month, with a percentage going to the principal and interest. As you pay down your loan and the balance shrinks, more of your payments go to reducing the principal rather than toward interest. This amortization calculator will show you how much of your monthly payment will go toward the principal and how much will go toward the interest.

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Amortization Schedule Help

A 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 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:

  1. How much principal and interest are paid in any particular payment.
  2. How much total principal and interest have been paid at a specified date.
  3. How much principal you owe on the mortgage at a specified date.
  4. How much time you will chop off the end of the mortgage by making one or more extra payments.

This means you can use the mortgage amortization calculator to:

  1. Find out how much principal you owe now, or will owe at a future date.
  2. Figure out how much extra you need to pay every month to repay the mortgage in, say, 22 years instead of 30 years.
  3. See how much interest you have paid over the life of the mortgage, or during a particular year.
  4. Figure how much equity you have.

Calculate your equity

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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