# Amortization Calculator|Get Schedule, Table and Chart

Our Amortization Schedule Calculator gives you a full amortization schedule & chart. Calculate your payment rate on interest and principal, and 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.

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

Interest Rates

Your APR

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Best Market

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Monthly Payment

Total Interest Payable

Total Payment

## How to use the Amortization calculator

**Monthly principal 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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## Today's Best Mortgage Rates

Product

Today

+/-

Last Week

5/1 ARM

4.13 %

3.96 %

15 Year Fixed

3.52 %

3.54 %

30 Year Fixed

4.42 %

4.38 %

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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

Reply»I want to calculate how much my payoff date and total interest payment would be reduced by making a large one time extra cash payment so I can see whether or not it is currently worthwhile for me to do that. Is there some way to do that with your calculator?

Reply»Very Nice Mortgage Calculator, I love it

Reply»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?

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Reply»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?

Reply»AWESOME SITE!!!! VERY HELPFUL. THANKS

Reply»Thanks for this resource; I use it frequently. Enjoy your day!

Reply»