An amortization schedule calculator tells your customers the monthly payment they must make on a loan amount. Amortization is paying off a debt over time with equal payments.
With our easy-to-use amortization calculator template, users can calculate amortization quickly. They only need to input their data into the template, and it's ready to use.
An amortization calculator template saves your customers time and stress. You only need to customize the input fields and embed the calculator into your website.
Amortization is a financial term referring to the process of spreading out the cost of a loan over a specific period. It allocates the repayment term of a loan amount over multiple periods - typically a monthly payment.
With a mortgage or car loan, amortization involves the repayment of the principal amount and the interest over a specified period. People generally make a monthly payment on these loans.
They're structured so customers gradually pay off their loan amount - principal and interest - over time. Earlier in the loan payments, more goes towards paying the interest. But as the loan progresses, more monthly payments address the principal.
An amortization schedule is a table that outlines the repayment of a loan amount over time. For instance, it shows your monthly mortgage payments.
Your customers get a detailed view of each payment with an amortization schedule. It shows how much goes toward the principal amount and how much interest your customer paid.
An amortization calculator generally has the following information:
- Loan Amount
- Loan Term
- Interest Rate
- Monthly Payment
- Total Interest Paid
- Total Principal Paid
- Total Loan Cost
- Payoff Date