Amortization of loan payments includes determining the amount of each payment that goes towards paying the principal balance of the loan versus interest and other elements of a loan payment
Los Angeles, CA (PRWEB) November 28, 2012
my Amortization Calculator, a new website that allows people to quickly calculate their mortgage or loan payment and also generate an amortization schedule, has just launched its brand new website.
The site, myamortizationcalculator.net, is quickly becoming popular with people who are interested in finding out what the amortization schedule is for their mortgage in a quick and convenient way.
Traditionally, figuring out an amortization schedule meant either contacting the bank and waiting for a mortgage or loan officer to determine the information, asking an accountant for help, or spending a significant amount of time working with a calculator and a confusing mathematical formula. Now, thanks to the free my Amortization Calculator website, people can quickly get this information on their own.
“Amortization of loan payments includes determining the amount of each payment that goes towards paying the principal balance of the loan versus interest and other elements of a loan payment,” an article on the user-friendly website noted, adding that many times with mortgage amortization, applicable taxes and insurance are included in the amortization schedule.
“Simpler loans, such as a personal loan, may only include the principal versus the interest variations.”
Most of the time, loans require that the earlier payments go mostly towards paying off interest. As the loan principal slowly decreases over time, the amount of interest paid in each payment will be less, and more will go toward paying down the principal. Having an amortization schedule will show borrowers exactly how each payment will be applied towards the interest and principal, and will also allow them to see how their balance will decrease over the life of the loan.
Using the free amortization calculator is easy; visitors to the site just need to enter in some basic information like their mortgage loan amount, annual interest rate, annual real estate taxes, and the term, or number of years of the loan. Clicking on the “Create Mortgage Payment” and then “Create P&I Amortization Schedule” will quickly display an amortization chart based on the data that was provided.
About my Amortization Calculator:
my Amortization Calculator is a new website that allows users to easily calculate mortgage or loan payments and generate an amortization schedule. The site is free of charge and easy to use. For more information, please visit http://myamortizationcalculator.net/amortization-calculator