An amortized loan is a type of loan where you pay back a fixed amount periodically over a predetermined period. Each payment consists of both principal and interest, with the interest portion decreasing and the principal portion increasing over time.
With amortized loans, your monthly payment remains constant throughout the loan term. However, the composition of each payment changes:
Home loans typically amortized over 15-30 years with fixed monthly payments.
Car financing usually amortized over 3-7 years with predictable payments.
Fixed-rate personal loans with terms ranging from 2-7 years.
Education loans often amortized over 10-25 years with fixed payments.
Our calculator uses the standard amortization formula to determine your monthly payment:
Where: M = Monthly Payment, P = Principal Amount, r = Monthly Interest Rate, n = Number of Payments
Our calculator uses the standard amortization formula used by banks and financial institutions. The results are highly accurate for fixed-rate loans with regular monthly payments.
Yes! This calculator works for mortgages, car loans, personal loans, and any other fixed-rate installment loan with regular monthly payments.
The calculator handles 0% interest rates perfectly. It will simply divide your loan amount by the number of months to calculate your monthly payment.
No, this calculator only shows principal and interest payments. For mortgages, you'll need to add property taxes, insurance, and PMI separately to get your total monthly payment.
Currently, the calculator accepts loan terms in years only. For monthly terms, simply divide by 12. For example, enter 2.5 for a 30-month loan term.
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Last updated: December 2024
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Last updated: December 2024
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