# 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

APR @

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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Product

Today

+/-

Last Week

5/1 ARM

%

3.04 %

15 Year Fixed

0.37 %

2.60 %

30 Year Fixed

3.88 %

3.85 %

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Great and appreciated site.

Reply»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

Reply»I am in Switzerland and I use this site. Go figure! Thanks!

Reply»I can't believe how fantastic this site is to use.....Easy, accurate and extremely helpful in figuring out refinancing, mortgages, amortization, etc. TY

Reply»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!

Reply»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).

Reply»So many great tools with this calculator!!!

Reply»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.

Reply»