What is the Amortization Calculator?

The Amortization Calculator is a financial tool that helps users understand their loan repayment schedule. By entering the loan amount, annual interest rate, and loan term in years, the calculator determines the monthly payment, total payment over the loan period, and total interest paid. This helps borrowers plan their finances, compare loan options, and see the long-term cost of borrowing.

How to Use:

1. Loan Amount [Currency]: Enter the total amount of the loan.
2. Annual Interest Rate (%): Input the yearly interest rate applied to the loan.
3. Loan Term (Years): Specify the duration of the loan in years.
4. Click “Calculate”: The tool provides the monthly payment, total payment, and total interest over the loan term.
5. Review Results: Use the results to budget for monthly payments and evaluate different loan scenarios effectively.