Amortization Calculator
Use the
amortization calculator below to determine how much your monthly payments will be and to
see how much of that payment will be just paying for interest. Here's how:
- Enter the Principal. The principal is amount that
you are borrowing. If you want to borrow $20,000, put 20000 in the rectangle under
principal below.
- Enter your Interest Rate. This is the interest rate
that you are paying on your loan. If your interest rate is 10% then enter 10 in the field
below Interest (APR) below.
- Number of Payments. Enter the number of payments
that you plan to make before the loan is paid off. If you plan to take out a 30 year
mortgage, you should enter 360. 1 payment per month for 30 years is equal to 30 times 12
or 360. If you are taking out a 20 year loan, then it would be 20 years times 12 months or
240.
- How is your loan compounded? If your interest is
calculated every month (which is the most common type of calculation, then leave the
Compounding option set to "Monthly". Otherwise, change it to
whatever suits your particular loan.
- Once you have all the fields below filled out, then click on the "Amortize"
button below and watch as the calculations are immediately displayed for you.
- To do another calculation once you see the current results, just
click on the back button on your web browser.
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