Calculating the loan payment is very complicated especially if you have to pay the loan in a long period of time. You can imagine how difficult to calculate a mortgage loan, especially if you take more than 10 year loan payment. Of course, it doesn’t mean that you can’t calculate it in a better calculation. Specifically, you can make it a little bit easier by making a loan payment schedule. The loan payment schedule itself is known as amortization schedule. In this case, you have to include the detail of your loan program. Those details are including the amount of the money from the principal or the money which you get from the bank, the interest rate, the monthly payment, and the length of loan payment. The function of this schedule is to know the specific change each payment period until the end of the payment.
By using the loan amortization schedule you will get the information about the total of the payments. Moreover, you will also get the amount of the money you have to pay monthly after calculating with the interest rate. Then, you can also check the principal paid, interest paid, and remaining balance. What you have to know is that the remaining balance and the amount of the interest will decrease each month. You will also see a difference in the amount of money you get from the bank and the amount of money you have to pay. It is a common thing because you have to pay the amount of money you get from the back as well as the interest from the previous agreement. The good news is that you don’t have to get confused with the manual calculation. In this case, you can use online loan amortization calculator from several reputable websites. This kind of online facility makes you calculate your loan payment faster with high level of accuracy.
What you have to do to use the online calculator service is by filling the online form available there. There are several details you need to complete. First, you have to fill the amount of principal you want to request. For example, you can fill it with $100,000. Second, you also need to include the information about the interest rate whether in the form of percentage or in the form of amount of money. You can fill it with 5% of interest rate or based on the agreement. Third, don’t forget to include the information about the length of the loan payment. Specifically, this is the total of the year you want to finish the loan payment. Fourth, you also need to include the total of the amount you want to pay monthly. Then, you can start to click the button there and soon you will see an amortization table. As stated before that this amortization chart will show you not only the amount of the payment but also the total of payment. For instance, if you take $100.000 with 5% interest rate and you want to pay it for about 15 years it means the total of the payment is 180 payments. In conclusion, using an amortization schedule excel is easy and fast and you just need to check the chart every time you want to pay the loan.
Loan Amortization Table Calculator
Visit http://www.amortization-calc.com to calculate your amortization schedule for monthly payments.