Quicken Loans Releases Online Mortgage Amortization Calculator

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Calculator shows mortgage payment schedules and how extra mortgage payments impact a loan.

The Quicken Loans amortization calculator is a big win for our clients

Quicken Loans today announced the launch of a new mortgage amortization calculator, now available on its website, http://www.quickenloans.com. The calculator will help current and future homeowners analyze their principal and interest payments, and view how much interest can be saved by paying extra on their mortgage.

A mortgage amortization calculator highlights a principal and interest payment schedule over the life of a home loan. Using the tool, clients can easily evaluate how much of their monthly payment is divided between interest and principal amounts. The Quicken Loans mortgage amortization calculator allows users to see how additional payments can impact their mortgage. Additional payments toward the principal amount can reduce the total term that the mortgage is due and save homeowners money on interest payments. Clients can also easily view the difference in total interest paid over the life of a loan using various mortgage rates.

“The Quicken Loans amortization calculator is a big win for our clients,” said Quicken Loans President Jay Farner. “It’s a very easy and visual way for our clients to see how they can pay off their loan faster. Folks are amazed at what an extra $50 or $100 dollars a month in their payment can do over the life of their loan.”

The mortgage amortization calculator allows users to examine the differences between 15- and 30-year fixed rate mortgages at their preferred interest rate. Users can also view their monthly principal and interest payments, and see how their total loan balance decreases each month over the life of the loan.

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Aaron Emerson
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