The amortization calculator is a powerful financial tool that helps consumers understand and properly manage their debts। Regardless of whether you have a personal, mortgage, or car loan, this calculator provides useful information about your monthly payments, interest rates, and payback dates.
How to Use the Amortization Calculator
- Input Loan Details:
- Enter the loan amount in dollars (e.g., 10000).
- Enter the loan term in years (e.g., 5) and optionally, the number of months.
- Input the annual interest rate as a percentage (e.g., 5 for 5%).
- Click on Calculate:
- After entering the loan details, click on the “Calculate” button to compute the amortization schedule and other details.
- View Results:
- Once calculated, the tool will display the monthly payment, total of monthly payments, and total interest paid.
- Switch between Monthly and Yearly Schedules:
- Use the tabs provided to switch between viewing the amortization schedule on a monthly or yearly basis.
- Download Schedules (Optional):
- After calculation, you can download the monthly or yearly schedules in Excel format by clicking on the respective “Download Monthly Schedule” or “Download Yearly Schedule” buttons.
- Repeat as Needed:
- You can input different loan details and recalculate as needed to explore various scenarios.
How to Input Data:
- Loan Amount: Enter the total amount of the loan in dollars.
- Loan Term: Input the duration of the loan in years. Optionally, you can also specify the number of months.
- Interest Rate: Enter the annual interest rate as a percentage (e.g., 5 for 5%).
Once you’ve provided the necessary information, click on the “Calculate” button to generate the amortization schedule and related details.
Remember to provide accurate and complete information to ensure the accuracy of the calculated results. Feel free to explore different loan scenarios by adjusting the input parameters and recalculating as needed.
