Taking on a new loan can be a tiring experience, but it does not have to be. Be prepared when you talk to lenders. Know what terms you can accept and which are beyond your means. An amortization chart can help you know what kind of loan will fit into your budget. This type of chart allows you to enter your income and outgoing payments in order to see what kind of repayment schedule will fit you best. Enter your information into our amortization chart to get an estimate on your monthly payments and fill out our free short form to contact up to four lenders about your mortgage.
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Amortization charts generally allow you to enter in the amount of your loan, the amount of your down payment, and your interest rate percentage. From this information the chart will provide you will your monthly payment. Many amortization charts will also give you the total, yearly and monthly amounts you will pay as a result of your interest rate.
Amortization charts can help you decide on the following information:
- the length of term you want
- the minimum down payment you will need to give
- the highest interest rate you are willing to accept
- whether an extra yearly payment is worthwhile
Hear is an example of the information you would be able to get using an amortization chart. If you are buying a home priced at $162,000 and you are paying $12,000 down, the principal balance of your loan will be $150,000. At 7% interest, you will wind up with a monthly payment of $997 and an average monthly interest of $581. The interest paid in the first year will be $9,584, and the total interest paid over the life of the loan will be $209,263. However, if you adjust the information entered (for example, if you change the interest rate to 5% or the down payment to $6,000) the estimated monthly payments and accrued interest will be altered dramatically.