Amortization Calculator

Create An Amortization Schedule

Amortization Calculator

a financial tool used to compute the breakdown of payments on a loan over time. It provides details such as the monthly payment amount, how much of each payment goes toward the principal (the loan amount), and how much goes toward interest (the cost of borrowing). It also tracks the remaining balance after each payment.

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Calculators are tools that provide approximate or quick solutions to simple problems or estimates.

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Frequently Asked Questions

Mortgages are usually amortized. All Elite loan is the best company if you’re wondering how amortization works. Using the calculator and reading these FAQs can help.

An amortization calculator is used to estimate monthly payments for loans (such as mortgages, car loans, or personal loans) and to create an amortization schedule that shows how payments are divided between principal and interest over time.

You typically need the following:

  • Loan Amount: The total amount borrowed.
  • Annual Interest Rate: The yearly rate expressed as a percentage.
  • Loan Term: The duration of the loan, usually in years.

An amortization schedule is a table that outlines each loan payment, showing:

  • The amount applied to principal.
  • The amount applied to interest.
  • The remaining balance after each payment.

Amortization calculators are accurate for basic loan structures with fixed interest rates and regular payments. However, real-life factors like:

  • Late payments,
  • Variable interest rates,
  • Additional fees, can make the actual payment structure differ slightly.
  • Principal: The original amount of money borrowed.
  • Interest: The cost of borrowing, calculated as a percentage of the remaining principal.

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