Amortization Calculator
An amortization calculator is a financial tool designed to help borrowers understand the repayment process of a loan, typically a mortgage, auto loan, or personal loan. It breaks down each loan payment into its two main components: principal (the actual amount borrowed) and interest (the cost of borrowing).
Table of Contents
How an amortization calculator works:
To use an amortization calculator, you typically need to enter the following information:
Loan amount: The total amount being borrowed.
Annual interest rate: The annual interest charged on the loan.
Loan term: The period over which the loan will be repaid (for example, in years or months).
The calculator then uses a standard amortization formula to calculate payment details and schedules.
In short, an amortization calculator provides transparency into the loan repayment process, helping borrowers make more informed financial decisions.
Loan Comparison Calculator
We provide loan comparison calculator as well as amortization calculator, here you can compare your loans and make a better decision for yourself.
Loan Comparison Calculator
Enter details for two loans to see a side-by-side comparison.