Amortization Calculator

Amortization Calculator|Get Schedule, Table and Chart

Our Amortization Schedule Calculator gives you a full amortization schedule & chart. Calculate your payment rate on interest & principal & determine what your payments will be over time.

Using an amortization calculator is helpful when you are shopping for a new mortgage or if you want to refinance. This mortgage calculator makes it simple and easy to get a full amortization schedule in a chart or table format in the results.

Here's how our amortization calculator can help you find the right mortgage.


Amortization Calculator

Result

Interest Rates

Your APR
@

Best Market
APR @

Monthly Payment

Total Interest Payable

Total Payment

How to use the Amortization calculator

Monthly Principle and Interest (P&I) payment: Enter the amount you want to borrow, the interest rate, and the repayment period. The amortization calculator displays how much your P&I installment will be based on the information provided. This assists in determining how much you can afford to borrow at prevailing interest rates. As a reminder, payment amounts shown by the calculator do not include amounts needed for payment of property taxes, hazard insurance and mortgage insurance.

Affordable payments: You can determine payment amounts using various loan amounts and interest rates. By comparing loan amounts, terms, and interest rates, you can determine how much you can afford to borrow.

Learn how much you'll pay during the life of your mortgage loan: The amortization calculator provides the dollar total amount of P&I payments made during the full term of the loan. If you want to pay off your mortgage sooner, you can adjust the term accordingly to see how much you would need to pay each month.

Benefits of a shorter repayment term: If paying off your mortgage is a priority, refinancing from a 30 year mortgage to a 15 year mortgage can help you save a lot of money. Use the calculator to see how much you can save by selecting a shorter repayment period. As an example, if you borrow $200,000 at 5.25% for 30 years, you'll repay approximately $397,586.67. This includes interest of $197,586.67, which almost amounts to repaying your mortgage twice! If you refinance for 15 years for the same loan amount and interest rate, your P&I payment would be $1607.76, and you would repay about $289,395.98 over 15 years. You could potentially save $108,190.69 in interest payments compared to a 30 year mortgage. And savings on a 15 year loan will probably be more, as interest rates are typically .25% to .50% lower.

Using an amortization calculator can help you identify mortgage terms that best meet your needs and ability to pay. Once these have been identified, be sure and compare lenders to ensure that you are doing your homework and researching to get the best loan rates available to you.

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Comments


Amit
2011-06-16 00:53:10
Very Nice Mortgage Calculator, I love it

jim c
2011-04-05 16:37:49
Our mortgage is paid bi-weekly. We're now nine years in, and have started paying an extra $100 per month to shorten it even more. Is there a calculator that will show us how much extra we need to pay each month to have it paid off ten years from now instead of the 14 years the payoff is now at?

cy l.
2010-02-21 06:19:14
good site! security code hard to read

Jozef Weltens
2010-02-13 15:32:44
How to obtain an amortization table for a 10-yr loan that i want to pay monthly extra payments on and pay off on a bi-weekly basis?

JASON
2009-02-24 14:30:00
AWESOME SITE!!!! VERY HELPFUL. THANKS

Mr.Richmond
2009-02-20 02:30:00
Thanks for this resource; I use it frequently. Enjoy your day!

Malvin E Howlett
2009-01-10 17:37:00
Great and appreciated site.

Guy R.
2009-01-09 08:22:00
first of the new year!! this is a really great site it help me in my finace class sooo much with morgages, amortization and all that good stuff

Maarten van der Puijl
2008-12-19 13:24:00
I am in Switzerland and I use this site. Go figure! Thanks!

Ginny Perrine
2008-12-11 19:43:00
I can't believe how fantastic this site is to use.....Easy, accurate and extremely helpful in figuring out refinancing, mortgages, amortization, etc. TY

Chad
2008-12-10 20:07:00
I appreciate this tool being available. But I am also curious to know if you have caught your error in the reply to Janice's comments from 11-29-2008. The total of the payments over the twelve year period equal $256,495. This amount is the principle and the intrest paid correct. - - - EDITOR'S COMMENTS: BUSTED!! You got me, Chad. It should have been $256,495. Thank you, Chad. Sorry about that, Janice!

Janice
2008-11-29 08:48:00
If I have a loan for 190,000 at 5.25% how large a payment would be required to pay off in 12years? - - - - EDITOR'S REPLY: If you take out a 12-year loan today at 5.25% interest, your monthly payments will be $1,781.21. At the end of the twelve years, you will have paid off the entire loan (the orignal $190,000 plus an additional $256,495 in interest).

shannon
2008-11-29 07:34:00
So many great tools with this calculator!!!

carol brooks
2008-11-27 20:15:00
I've used the mortgage calculator to estimate payments on a 10-year fixed loan of $55,000. Can I see the actual monthly amounts applied to principal and interest for the 10-year period? - - - - EDITOR'S REPLY: When you first hit, "Compute," the results page shows you the total interest, the total principal (which is the loan amount) and the total payments (interest plus principal for the life of the loan. From there, click "View Amortization" to see a break down of each monthly payment (all 120 of them, in your case). For each month's payment, the amortization table shows you how much of that payment goes to prinicipal and how much goes to interest. At first, almost everything goes to interest. Each month, a very slighly higher percentage goes to principal.

Sharon
2008-11-22 09:29:00
Finally a great site. No ordering, no personal info required. Thanks

liz
2008-11-11 15:29:00
If given a loan for $150,000.00 at 7% rate paying $5,000.00/month, how long till this loan would be paid off? - - - EDITOR'S REPLY: The answer is 2.75 years (two years 9 months). I calculated this by putting $150,000 at 7% in the Amortization Calculator and then playing with the repayment period until I got the results to show a monthly payment of $5,000. In many parts of the country, you can buy a nice house for $150,000. If you can pay off a home in less than three years, I applaud you. For the amount you will save on interest versus a 30-year loan, you would be able to buy a second home that costs even more than the first. Most people don't realize that when they buy a house they're actually paying more in interest than they are for the home itself. Just be sure to work the 33-month repayment period into the loan agreement. If not, you should ensure that your loan agreement does not include any penalties for early payoff.

DMongo
2008-11-09 13:08:00
This great tool just kicked my Finance homework through the goal posts.

Jennifer
2008-11-02 21:58:00
I need to know how many payments it will take to pay off $6000 at 9% interest making payments of $150 per month starting in Sept. 06? - - - - EDITOR'S COMMENT: See the reply to Jim Schaaf's question below. Using the Amortization Calculator, it shouldn't take you more than two or three minutes to figure this out.

John Fletcher
2008-10-23 10:44:00
Looking for calculator that will take additional principal payments per month. Existing amortization schedule does a good job on figuring monthly payment. - - - EDITOR'S COMMENT: Try the "Early Payoff Calculator" (go the home page and scroll down to find it). It approaches your problem in the opposite way you specified here but can still help you. It will just take a few attempts to adjust the new term until it delivers the extra monthly payment you had in mind.

Patsy
2008-10-10 11:34:00
Thanks

Jim Schaaf
2008-10-05 11:53:00
I need an amortization calculator that will let me enter: "Principle," "Interest Rate," and "Monthly Payment" (not repayment period). - - - EDITOR'S COMMENT: The Amortization Calculator should work for you. Start by estimating what the repayment period will be as best you can, then look at the monthly payment it gives you. If the payment is too high, recalculate with an higher repayment period (and vice versa). You'll do this a few times, narrowing down til you get as close as you can to your actual monthly payment. You won't be able to match your exact monthly payment with any calculator unless you want to take out a loan with a repayment period of something like 22 years, 4 months and three days. But you can put in decimals if you'd like, such as 1.5 for an 18-month loan. Once you find the loan term that produces the desired monthly payment, click "View Amortization" to see the full amortization table for that loan. All in all, this process shouldn't take you more than two or three minutes.

Chuck Root
2008-10-03 16:17:00
I needed this info for my financial class in Sunday School... it worked great. Thanks and God bless. - - - EDITOR'S COMMENT: Thanks for sharing that. Glad to help!

jaymark gerodias
2008-09-30 08:48:00
i lyk it! - - - - EDITOR'S COMMENT: thanx!

Shawn
2008-09-30 07:43:00
Nice calc. very fast too. Am wondering if you can incorporate additional principal payments too for side by side comparisons - - - EDITOR'S COMMENTS: We'll look into that. Nice suggestion.

Phil Butler
2008-08-15 09:05:00
Wow! This is great. Fast, easy and to the point!

Bob
2008-08-13 06:54:00
typo - "Pincipal Balance" on amortization schedule display. - - - EDITOR'S REPLY: Thanks, Bob. So often it's true that those who are good at math are terrible at spelling. Thanks for helping me keep an eye out for my errors. I'll fix that right away.

H.L.WANG
2008-08-05 19:37:00
Dear Sir, Where can I calculate the loan with adjustable rate and amortized table shown as well. Thank you. From Wang - - - EDITOR'S REPLY: This is a good question; thanks for sumbitting. Until the first adjustment takes place, there's no difference between a Fixed Rate loan and an Adjustable Rate Loan (ARM). So, if you're entering into a new ARM that has its initial adjustment period set to take place on the 25th month of the loan, then the Calculators4Mortgages monthly payment calculator and amortization schedule will be a good tool for calculating your payments and the application of principal and interest for the first two years. After that, there's no way to be accurate in predicting what your interest rate could be, except that it will be somewhere in the range of no adjustment and the maximum adjustment allowed by your loan. It could change a lot, or a little, or stay the same. It could go up. It could go down. There are some tools online that help you run best- and worst-case scenarios, but we haven't been sold on the value of these enough to justify building one. We'll brainstorm on this topic in our next meeting. Thank you for your question. I hope this reply was helpful.

Marsha
2008-07-25 19:01:00
Site really helped us decide if we could afford a beach house. Thanks

Linda Sylvain
2008-07-24 09:23:00
For each $100 i pay every month as additional principal, how many years does it take off the term of my mortgage? - - - - EDITOR'S COMMENTS: Please see the answer to Barbara's question under the "Additional Payments Calculator," which you can link to from the home page. You'll need to run the calculator a few times, adjusting the payoff date until it calculates a result of $100 per month. We will design a new calculator to answer your question more directly, but perhaps the "Additional Payments Calculator" will work for you in the mean time.

Neha Garg
2008-07-16 02:01:00
I want to know the amount of principle & interest. - - - - EDITOR'S COMMENT: No problem, Neha! On the initial results screen, the total principal and interest for the loan is displayed. "Original Loan Amount" is, of course, your principal. "Total Interest Payments" appears below that, followed by "Total Payment," which is the sum of principal and interest for the life of the loan. To see the principal and interest at any given point in the life of the loan, click on "View Amortization." Please let us know if you have any questions.

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