Mortgage Amortization Calculator
When looking to fully understand your financial picture it is important to look at your mortgage or potential mortgage to know your monthly payment obligation, but also have an understanding of the interest you will be paying. Using an amortization calculator you are able to see clearly the effect interest rate and down payment have both on your monthly payment and your total interest paid.
Use the calculator to see your amortization schedule.
Amortization Calculator: Understanding your payment schedule
The purpose of an amortization schedule is to show you how much of your monthly payment will be credited to the principal balance and the interest of your loan, over the lifetime of the loan.
Using the CCC amortization schedule calculator, you simply enter the values of your mortgage: the amount of the loan, the interest rate, the term of the loan (in years) and the percentage down payment, if any.
Calculate Your Schedule
Once you have completed the required fields, click “calculate” to retrieve your monthly payment amount as well as the amortization schedule of the loan. You’ll see that most of your payment consists of interest payments during the first portion of the loan. As your loan matures the payments begin to weight towards principle and by the end of the term you’ll see that nearly all of the payment is going towards principle.