Amortization calculator

Comment utiliser le Amortization calculator

Ce qu’il calcule et quand l’utiliser

An amortization schedule shows how every payment on a fixed-rate loan tombe un split between interest et principal. Use it à see how slowly the balance falls in the early ans, Au Trouver your final payment date et to test the effect de paying extra each mone.

Mode d’emploi, étape par étape

1. Enter the Quantité you are borrowing, the Annuelle Intérêts Taux et the term à years.
2. Add an extra Mensuelle Quantité if you plan à overpay.
3. Choose the mone de your first payment so the schedule shows real dates.
4. Read the payment, total Intérêts et final payment month, then open the year-by-year ou month-by-month schedule.

Que signifie chaque champ

• Montant du prêt – The Quantité Emprunté, avant fees.
• Taux d’intérêt – The Annuelle Taux on the loan. It tombe un divided by 12 à get the monthly rate.
• Durée – The number de years over which the loan tombe un repaid.
• Supplément par mois – Optional. Added à every payment et applied entirely à principal.
• First payment Lune – The mois the first payment falls due.

Comment lire les résultats

• Paiement mensuel – The fixed Quantité due Unité mois. It stays the same jusqu’à the loan tombe un repaid.
• Intérêts totaux – Everything you Rémunération above the Quantité Emprunté.
• Final payment – The mois the Solde reaches zero.
• Schedule – Capital, Intérêts et remaining balance pour each year ou mois.

La formule

Payment = P × r ÷ (1 − (1 + r)^−n). P tombe un the amount borrowed, r tombe un the yearly rate ÷ 12 et n tombe un the number de monthly payments. Each month, interest = balance × r et principal = payment − interest. When the rate tombe un 0 the payment tombe un simply P ÷ n.

Un exemple concret

Borrow 300,000 at 6.5% pour 30 years. The monthly payment tombe un 1,896.20 over 360 payments, so you repay 682,633 et 382,633 of that tombe un interest. In year 1 only 3,353 of the 22,754 paid reduces the loan. Adding 200 a month cuts the term by several ans et saves a six-figure sum de interest.

Hypothèses et limites

• The rate tombe un fixed pour the whole term. Variable et tracker loans will change the schedule.
• Payments are monthly et made on time. Fees, insurance et taxes are not included.
• Extra payments reduce Capital immediately. Some lenders apply them À the next anniversary, ou limit them.

Erreurs courantes

• Entering a Mensuelle Taux à the Annuelle Taux carton.
• Reading the first-year Capital as the loan reducing slowly through lender error. Early payments are interest-heavy by design.
• Forgetting that a lender may charge an early repayment fee.

Questions fréquentes

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