BankRate has a great free online Amortization Schedule Calculator. It is completely online, and you do not need to download or install anything. The best part of this free online Amortization Schedule Calculator is that it gives you option to add extra payments to your schedule payments, and see the effect of that the payoff date, and on the complete amortization schedule.
To start preparing your Amortization Schedule, you start with providing the following information:
- Your mortgage amount
- Mortgage term – in years or months
- Interest Rate
- Mortgage Start date
Once you have provided these values, this free online Amortization Schedule Calculator will calculate your amortization schedule for you. The amortization schedule will show your payment, principal paid, and interest paid for each month for complete duration of your mortgage.
Once you have your basic amortization schedule, you can start throwing in additional payments in there to see how it effects your amortization schedule, and your payoff date. This free amortization schedule calculator gives following options for additional payments:
- You can specify an amount that you want to be added to your each monthly payment.
- You can specify an extra payment every year.
- Or, you can choose to add just a one time payment.
Using one more more of the above options, you can get your amortization schedule recalculated and see how it changes. This option is really good, and it is sometimes enlightening to see how even a small additional monthly payment can greatly reduce your payoff date.
This free online amortization schedule calculator is really good, and easy to use. If you don’t want to use an online calculator, you can also try an excel based amortization schedule calculator.