# Amortization Calculator|Get Schedule, Table and Chart

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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.

Amortization Calculator

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Total Interest Payable

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## 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.

103 Responses to "Amortization Calculator|Get Schedule, Table and Chart"
1. clayton 24, Jun, 2008

this is great site, keep it up - - - EDITOR'S REPLY: Thanks, Clayton. Will do!

2. michael 19, Jun, 2008

made a loan amortized and payable in 5 years. Buyer has been making payments, sometimes more, sometimes late (w/ fees) at a fixed interest. How do I figure out how much they owe after all these creative numbers? Thank you. michael.lewin@sbcglobal.net - - - EDITOR'S REPLY: For some loans, extra payments are applied directly to principal. Other loans are not so accommodating. Exactly what the lender does with extra payments will vary from loan to loan (which is yet another reason to read all paperwork carefully before borrowing). Details regarding late fees also vary from loan to loan. The buyer should receive a statement from the lender showing the principal amount remaining. Any attempt to calculate this with a formula, given the irregularity of the payments they've made, would not be very accurate.

3. YH 18, Jun, 2008

great calculator

4. MIKE 22, May, 2008

Fast & Easy!!!

5. Peggy 13, May, 2008

Just running some numbers

6. jeanette snyder 23, Apr, 2008

yeah

7. jeanette snyder 23, Apr, 2008

I used this to help with my homework

8. Cynthia 11, Apr, 2008

I was hoping for an actual "Amortization" break-down??, but all I got was Total of payments, & Total interest. - - - - EDITOR'S COMMENT: This feature has now been added.

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Product

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5/1 ARM

2.64 %

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15 Year Fixed

2.50 %

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30 Year Fixed

4.62 %

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