Loan & Mortgage Amortization Calculator
Calculate monthly payments and see a full amortization schedule for your loans.
Checking status...
About Loan & Mortgage Amortization Calculator
Take control of your debt with our detailed loan and mortgage tool. Beyond just calculating monthly payments, this tool provides a complete amortization schedule, showing exactly how much of each payment goes toward interest versus principal.
How to Use
- Enter the 'Loan Amount', 'Annual Interest Rate', and 'Loan Term' (in years).
- View your estimated 'Monthly Payment' instantly.
- Scroll through the 'Amortization Schedule' to see the loan balance decrease month-by-month.
- Compare different interest rates to see how they impact your total interest paid.
Common Use Cases
- Planning for a home purchase and estimating mortgage affordability.
- Calculating monthly payments for an auto loan or personal loan.
- Determining the long-term cost of debt based on various interest rate scenarios.
Technical Details
Implements standard financial amortization algorithms to calculate fixed-rate monthly payments and interest/principal splits.
Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Frequently Asked Questions
- What is amortization?
- Amortization is the process of paying off debt over time in regular installments. Each payment covers both interest and a portion of the principal.
- Can I use this for fixed-rate mortgages?
- Yes, this tool is designed for standard fixed-rate loans typical in mortgages, auto loans, and personal lending.
100% Private & Secure
This tool runs entirely in your browser using client-side technology. Your files and data are never sent to a server, ensuring 100% privacy and speed.