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Mortgage Amortization, How Your Mortgage Is Paid Off, The Truth About, loan amortization schedule.#Loan #amortization #schedule

Mortgage Amortization

Loan amortization schedule

Ever wonder how your mortgage goes from a pain in your neck to free and clear?

Well, it all has to do with a little thing called amortization, which is defined as the reduction of debt by regular payments of interest and principal sufficient to pay off a loan by maturity.

In simple terms, it’s the way your mortgage payments are distributed on a monthly basis, detailing how much interest and principal will be paid off each month for the duration of the loan term.

Understanding the way your mortgage amortizes is a great way to understand how different loan programs work. And an amortization calculator will show you how your balance is paid off on a monthly or yearly basis. It will also detail how much interest you ll pay over the life of your loan, assuming you hold it to maturity.

Early Payments Go Toward Interest

Loan amortization schedule

(pictured above is an actual amortization schedule from an active mortgage about five months into a 30-year mortgage)

During the first half of a 30-year fixed-rate loan, most of the monthly payment goes to paying down interest, with very little principal actually paid off. Towards the last 15 years of the loan you will begin to pay off a greater amount of principal, until the monthly payment is largely principal, and very little interest.

This is important to note because homeowners that continuously refinance will find themselves back in the interest-paying portion of the loan every time they start anew, meaning they ll pay a lot more interest over the years. Each time you refinance, assuming you refinance into the same type of loan, you re essentially extending the amortization period of the mortgage. And the longer the term, the more you ll pay in interest.

Tip: If you have already paid down your mortgage for several years, but want to refinance to take advantage of low mortgage rates, consider refinancing to a shorter-term mortgage. This is one simple way to avoid resetting the clock.

Let’s look at a mortgage amortization example:

Loan amount: $100,000

Interest rate: 6.5%

Monthly mortgage payment: $632.07

Say you’ve got a $100,000 loan at 6.5% on a 30-year fixed payment. The monthly principal and interest payment is $632.07. If you break down the very first monthly mortgage payment, $541.67 goes toward interest and $90.40 goes toward principal. The total debt is reduced by $90.40, so next month you’ll only owe interest on $99,909.60.

So when it comes time to make your second monthly mortgage payment, interest is calculated on the new, lower balance. The payment would be the same, but $541.18 would go toward interest and $90.89 would go to principal. This interest reduction would continue until your monthly mortgage payments were going primarily to principal.

In fact, the 360th payment in our example contributes just $3.41 to interest and a whopping $628.66 to principal.

Consider Larger Mortgage Payments to Shorten Amortization Period

Okay, so now you have a better idea of how your mortgage amortizes. Your next move will be to determine if paying your mortgage down faster is a good idea.

In the example above, you ll pay a total of $227,545.20 over the 30-year term, with $127,545.20 going toward interest.

If you make slightly larger payments, say $700 each month instead (consistently), your mortgage term will be cut by roughly seven years (23 years total) and you ll only pay $76,448.10 in interest. That will save you about $50,000 over the life of the loan not bad.

How to pay off a 30-year mortgage in 15 years:

If you want to cut your mortgage term in half, simply figure out what the 15-year payment would be, then make that payment each month until the mortgage is paid in full. In general, this is about 1.5X the 30-year payment.

For example, a $350,000 mortgage set at 5% would require a monthly payment of $1878.88 in order to be paid off in 30 years. If you made the 15-year payment of $2767.78 instead, the mortgage would be paid off in 180 months, or 15 years.

How to pay off a 30-year mortgage in 10 years:

If you want to pay off the mortgage in just 10 years, the rule of thumb is to double your monthly mortgage payment. It s not exact, but it s very close.

Using our example from above, you d need a monthly payment of $3712.29 to extinguish the loan in 120 months.

How to pay off a 30-year mortgage in 5 years:

If you re really impatient and want to pay off the mortgage in five years, you basically have to make anywhere from 3.5-4X the monthly payment. That s $6,604.93 in our example to pay it all off in 60 months.

How to pay off a 15-year mortgage in 10 years:

If you have a 15-year fixed, but want to pay it down in 10 years, you can generally make a monthly payment about 1.5X and it ll be paid off in 120 months.

How to pay off a 15-year mortgage in 7 years:

To cut your 15-year mortgage term in half (or a bit more), doubling mortgage payments would pretty much lower the term to seven years or less, perhaps closer to 6.5 years.

How to pay off a 15-year mortgage in 5 years:

For those with a 15-year mortgage who want to triple the payoff speed, a monthly payment roughly 2.5X will get the job done.

You can do this same formula for basically any mortgage term and desired payoff duration. So if you have a certain payoff date in mind, figure out the number of months first, then plug in that monthly payment to get the length of the mortgage down.

Take the time to look into biweekly mortgage payments as well. These are mortgage payments made every two weeks, which equates to 26 total payments a year, or 13 monthly mortgage payments. That extra month payment per year goes toward principal, lowering the total amount of interest paid and decreasing the term of the loan.

Every potential homeowner should take a look at an amortization schedule or a mortgage calculator to determine exactly how mortgage payments apply in their particular situation. Simply knowing your interest rate is not enough to make an educated decision on a loan product.

And be sure you understand negative amortization as well, assuming if you got involved with a pesky option-arm loan.

Amortization calculator, Amortization Schedule Calculator, loan amortization schedule.#Loan #amortization #schedule

Use this amortization calculator to calculate your monthly payments and to create a free printable loan schedule table.

$458.72 / payment

A single monthly payment for a $25,000.00 loan should be $458.72 per payment.

This 5 years length loan gives us a total of 60 payments. You will have to pay this amount to the lender 12 times per year.

Although we have made every effort to ensure the accuracy of the calculated results, we accept no responsibility for errors or omissions caused by this loan amortization calculator.

Amortization Schedule generated by the website.

How to use our amortization calculator?

To calculate the amount of the regular periodic loan payments and to generate automatically a loan schedule, the following values are required: loan amount, interest rate, loan length and payment frequency. Do not use currency and percentage signs in the input fields. Comma can be used for digit grouping symbol and the decimal symbol must be a dot.

Amortization Schedule

Scroll down to view the loan summary table.

The monthly payment for a $25,000.00 loan at 3.85% anual interest rate will be $458.72 per payment. This amount should be paid to the lender, bank or lending institution for 5 years. The loan amortization table below shows your monthly payment divided into two portions. One portion is put towards interest (interest paid), while the other portion goes towards principal (principal paid). As you can see, initially a larger amount is applied towards interest and as the loan matures the portion applied towards the outstanding principal balance gets larger and larger.

Please note that if you are calculating a mortgage loan, property taxes, property insurance and private mortgage insurance is neglected in the calculation, they will increase the amount of your regular periodic payments.

FinAid, Calculators, Loan Calculator, loan payment schedule.#Loan #payment #schedule

loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment scheduleLoan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

Loan payment schedule

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.

Loan Amortization Calculator, loan amortization schedule.#Loan #amortization #schedule

Amortization Calculator

Payment Summary

Our free Amortization Calculator app is now available to download in the Google Play marketplace.

Loan amortization schedule

What is an amortization calculator?

An amortization calculator determines payment information for any type of loan although it is most commonly used for mortgages. It requires a starting amount (principal), an annual interest rate and a length in years or months (term). Based on that information it calculates the monthly payment that is required to pay off the loan in the term length. In most cases, it is assumed the interest rate is fixed and does not change over the course of the loan. It is also assumed that there is only one payment per month.

How is the monthly payment determined?

Calculating the monthly payment amount requires a complex formula because it has to account for interest. Each month the amount of interest that is owed changes as the remaining balance of the loan decreases. Taking this into consideration, the formula generates the exact amount that needs to be paid each month to account for interest and be able to pay off the loan in the term length. Don’t worry about the specifics of this formula as is it is much too complex to calculate yourself!

What is an amortization schedule?

Most amortization calculators will also give you the option to generate an amortization schedule. Think of an amortization schedule like a detailed payment plan for your loan. It lists each payment and breakdowns how much of that payment is interest and how much goes toward the principal. It will also track the remaining principal and how much total interest you’ll end up paying. Be aware that amortization schedules are somewhat simplified as they don’t account for taxes, fees, extra payments, refinancing or changes in the interest rate. Additionally, rounding needs to be done to display payment amounts so that can be lead to results that appear slightly different but are still accurate.

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Loan Calculator

Since you may have happened upon this loan calculator to calculate a monthly payment, I’ll cut to the chase. You’ll only need to enter three numbers, and you can leave the other dozen or so options untouched.

Here’s all you need to do.

  • Click clear and enter values for:
    • Loan Amount
    • Number of Payments
    • Annual Interest Rate
  • Leave Loan Payment Amount set to 0.
  • Click either Calc or Payment Schedule.

There you have it. Now you have what you need.

This calculator though offers users so much more. Spend a few minutes with it, and you’ll see. More below.

Will making small, extra payments save me money?
Will paying half the monthly payment every other week save interest charges?
Buying or selling real estate?

VERY IMPORTANT – You must enter a 0 if you want a value calculated. Some users have been frustrated by this. They want to know why the calculator does not just recalculate a payment if they have changed the loan amount, interest rate or term.

This is because we want the calculator to be able to create an amortization schedule using whatever parameters you want to use. This behavior is a feature! After all, there is no such thing as a correct loan payment. The payment amount is correct as long as both the lender and debtor agree to it!

ABOUT DATES – This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will result in payment amounts as well as interest charges that do not match other calculators. If you want to match other calculators then set the Loan Date and 1st Payment Date so that the time between them equals one full period as set in Payment Frequency . Example: If the Loan Date is May 15th and the Payment Frequency is Monthly, then the 1st Payment Date should be set to June 15th, that is IF you want a conventional interest calculation. See the end of the Help text for some more details.

Of course, you can always leave the dates set as they are when the calculator loads.

Much More Than a Payment Calculator

Since the calculator will solve for multiple unknowns, it can easily be used to answer the following questions:

  • How much can I borrow?
  • What would my payment be?
  • What is the lending rate?
  • How long will it take to pay off my loan?
  • What date is my loan paid off?
  • NEW – what is the impact of extra payments?

Loan payment schedule

See the payment schedule for total interest saved.

Loan Calculator Help.

This calculator will solve for any one of four possible unknowns: Amount of Loan , Total Scheduled Periods (term), Annual Interest Rate or the Periodic Payment .

Enter a ‘0’ (zero) for one unknown value.

The term (duration) of the loan is a function of the Total Scheduled Periods and the Payment Frequency . If the loan is calling for monthly payments and the term is four years, then enter 48 for the Total Scheduled Periods . If the payments are made quarterly and the term is ten years, then enter 40 for the Total Scheduled Periods .

The Amortization Method should be set to Normal (level payments) unless you have a specific reason to set it to another method. Fixed Principal causes the amount allocated to principal to be the same each period which result in decreasing payments.

If the terms of the loan call for a 0% interest rate, then the Amortization Method must be set to No Interest, otherwise entering a zero for Annual Interest Rate? will cause the calculator to calculate an interest rate. Selecting No Interest, also lets the user set the payment amount to 0 to tell the calculator to calculate it.

When the first period, the period of time between the loan date and the first payment date is longer than one full period, there will be interest due for the extra days . This is known as odd day interest. Example: if the loan date is March 24 and the first payment date is May 1, then there are 8 odd days of interest – March 24th to April 1st. How the odd day interest is calculated and collected is controlled with the Long Period Options. By default, the odd days interest is shown being paid on the loan date.

Conversely, if the time between the loan date and first payment date is less than the payment period set, then the first period is said to be a short initial period and the first payment will be reduced due to less interest being owed. How the payment amount and interest is calculated for a short period is determined by the Short Period Options.

On a more general note, we have been discussing details about loans, some structured with unusual features, over several decades. At this point, we believe our software calculators can create a schedule for any structured settlement loan that exists. If you have a loan with special requirements, please ask.

Hopefully, you’ll find this loan calculator as well as all the financial calculators on this site to be useful tools. Why not take another sip of your favorite beverage and explore for a few minutes? Start by checking out The Reading Room. Here you’ll find a half dozen articles, written by professionals, about money.

Top Amortization Schedule and Loan Repayment Excel Calculator #payday #loans #no #credit #check #no #employment #verification

#loan repayment calculator

Top Amortization Schedule and Loan Repayment Excel Calculator

By uncle on September 13, 2013

Classic loan calculators that you can find on most finance or bank websites offer you only limited functions. Basically you can choose loan amount, add interest rate and set loan term and the calculator will tell you how much your weekly, fortnightly or monthly repayment will be.

What you cannot do is doing some more in depth analysis and modelling. For example you cannot keep adjusting your payment amount or payment frequency to see what the effects on the total loan term will be.

Loan Repayment Mortgage Amortization Schedule Calculator in Excel will allow you to do all these things and much more!

Download free version of the calculator: click here

Buy premium version of the calculator: click here

Update, April 24th, 2013.

We upgraded this calculator recently and added few more handy features. To see what s new, check this post .

Benefits and what you can do with it:

✔ Calculate amortization schedule for any loan amount

✔ Principal, Interest and Total Repayment amounts breakdown

✔ Know exactly how much principal you owe at any point in time

✔ Suitable for any loan type mortgage, personal loan or hire purchase

✔ Choose daily, weekly fortnightly or monthly payments frequency

✔   Daily repayments give you up to 7 years of amortisation schedule

✔ Weekly repayments offer up to 50 years of amortisation schedule

✔ Audit your bank if they charge correctly or are cheating on you

After feeding all the entry data, the calculator immediately shows you the results.

Calculation Results:

✔ Total length of loan term in years

✔ Date of the last payment

✔ Total amount of principal, interest and repayments paid

✔ Detailed amortization schedule

Have you ever been in a situation when you wanted to take another loan? Then your bank asked you how much you owe on other loans but you couldn’t answer because you simply didn’t know?

Well, now with our calculator you will have the exact overview about any outstanding amount owed at any given time!

On top of that, before taking out the loan you will be able to calculate for yourself in advance how much you can afford to borrow, what your repayments are and how long it will take to pay it off.

You will also know how any extra repayments influence (shorten) the total time needed to repay the loan in full. These extra repayments can be any bonuses or dividends you receive and then put against your loan.

User Manual

1. Enter entry parameters into the header area

2. Amortization schedule is populated immediately. Now enter any extra payments

3. Review the results for repayment term and total paid straight in the header next to the entry parameters.

4. Play with it, change parameters and perform data modelling until you are satisfied with the result

5. Print the schedule.

Note 1: The schedule will automatically fit your printer width. However, the spreadsheet is quite long, pre-populated with formulas. To avoid printing blank pages (hidden formulas) just check which is the last page containing some data and set the print range accordingly.

Note 2: If you key in the entry parameters and the amortization schedule is showing some nonsensical data (negative principal values), it means that your nominated repayment is too low and does not cover even the interest. In such case you need to increase the repayment amount.

Do you like our calculator? We would love to hear your feedback and any suggestions to improve it even further. Please let us know in the comments below!

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Amortization Schedule Loan Calculator

Powerful Amortization Schedule Software:

Determining accurate amortization schedules for loans is an important task lenders must be able to repeat consistently. Having a reliable loan calculator and amortization schedule software is often the tool these businesses need to determine interest rates and payment amounts in order to nail down an effective amortization schedule for borrowers to follow. Our Amortization Calculator offers lenders a lightweight tool that is powerful enough to generate payment schedules and calculate for a number of different financial parameters. As with all of our other loan servicing products, our Amortization Calculator software provides lenders with the tools necessary to administer loans, conduct daily business, and gain a competitive advantage.

With an accurate amortization schedule, lenders and borrowers are on the same page with regards to loan terms and factors. Our Amortization Calculator makes it easy for businesses to generate, print and/ or export amortization schedules.

Amortization Chart

Generate amortization schedules quickly and easily!  (View Sample )

The Amortization Schedule Report  feature allows professionals to create a schedule based on a specified series of payment and interest factors, including loan balance, term, payment frequency, interest method and compounding frequency, among other parameters. The schedule report will then provide information on the breakdown of payment and interest for each payment date, while also keeping a running balance for the remaining principal.

Flexible Amortization Schedule Software:

Calculate a wide array of financial measures!

Amortization Schedule Feature List:

As a result, Amortization Calculator is useful not just for banks that extend traditional personal loans, but also for any organization that finds itself in a position to provide financing. Law offices, accountants, auto dealerships, construction companies, land contract providers and furniture stores are among the businesses that can make use of Amortization Calculator for their financing needs. Its flexibility and wide array of features make Amortization Calculator an appropriate and effective solution for a broad collection of financing professionals.

Experienced Amortization Schedule Software:

Trust Graveco Software, Inc. for leading amortization schedule software!

Graveco Software, Inc. is committed to developing software solutions for the lending industry, and as a result, lenders who require sophisticated financial tools to succeed in business can turn to our experts to provide seasoned guidance.

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