Amortization tables enable you to enter in your information in order to help you get a clear picture of your repayment schedule. You can use the table to play with the terms in order to understand how flexible you want to be when you close your loan. Generally, when using an amortization table, you put in your loan amount, the interest rate, and the term of the loan. After you enter this information, the table will calculate your monthly payment. Many tables will also give you the amount of interest you will pay monthly, yearly and in total of the life of the loan.
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If you are looking into obtaining a loan, you have probably figured out that the more information you have, the better. An amortization table can give you detailed information about your future monthly payments and interest payments through out your repayment period. Fill out our free short form to contact up to four lenders about your new loan or use our amortization calculator to get an estimate on your monthly payments.
The figures generated by amortization tables are estimates and you should defer to your lender for concrete, guaranteed information. Amortization table estimates do not factor in late or missed payments, which, if occurring frequently, could significantly impact your repayment schedule. Also, amortization tables may not process fractions of a penny in the same fashion as your lender. The purpose of an amortization table is to give you a clearer picture of how certain terms and components of your loan will affect you on a long term basis and should be used as an educational tool. These tables are not practical for borrowers with adjustable rates, as rates could change significantly over the life of your loan.
Learn more about your loan by using our amortization table and apply online to contact lenders about your new loan.