# 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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5/1 ARM

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3.04 %

15 Year Fixed

0.37 %

2.60 %

30 Year Fixed

3.88 %

3.85 %

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Finally a great site. No ordering, no personal info required. Thanks

Reply»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.

Reply»This great tool just kicked my Finance homework through the goal posts.

Reply»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.

Reply»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.

Reply»Thanks

Reply»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.

Reply»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!

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