Personal Finance

Loan Amortization Calculator: 4 Great Resources

mortgage+loan+amortizationLoan amortization calculators are great tools that can be used to provide potential borrowers with information as to what they can expect when taking out a loan. The great thing about most of the loan amortization calculators is that they are online so consumers can get the information they need from the comfort of their home. It allows them to walk into a lender’s office armed with most of the facts they need to make a decision.

Here are four very informative and helpful resources for loan amortization calculators:


Zillow, an online real estate marketplace, has a very handy loan amortization calculator on its site. It allows you to see your mortgage payment by adding just a couple numbers into the table. You enter numbers like loan amount, interest rate, loan term and first mortgage payment date and the calculator instantly creates a graph showing all your payments and how the payments are broken down between interest and principal.

Below the graph is a chart that also shows principal vs. interest but does it for the entire amortization period. You can set the calculator to 15 years or 30 years. Zillow will also give you an advanced report that includes an entire amortization table and chart that gives you any kind of loan information you’d ever want. This site also offers other handy calculators.


Bankrate also has a pretty nifty loan calculator on its website. You enter the loan amount, loan term and interest rate and the calculator will give you an approximation of what the monthly mortgage payment will be. This calculator will also show you how to shorten the term of the loan by adding additional payments. All the categories can be changed to show you different financial options for paying your loan.

Bret Whissel

This site, which is actually part of Bankrate, has a large variety of options from which to choose. Not only does it have the basic loan amortization calculator but it also allows for further information to be entered such as a balloon payment. On this site, you’ll find a section called “Bret’s Blog” which is an extremely informative site for consumers. It offers information on how to work amortization calculators, how to create an Excel spreadsheet calculator and how to set your own formulas for determining loan payments and setting different parameters.

Although not bank-specific, this loan amortization calculator is downloadable software that’s offered through the site. You download the program onto your computer and create your own amortization schedule using Microsoft Excel. This program is very easy to understand and is very popular because consumers can user it anywhere they happen to be as long as they have their laptop or notebook and have Excel installed on it. This particular download received a 5-star rating from editors and was also rated highly by users.

Pros and Cons

All of these loan amortization calculators are very similar in how they work and their ease-of-use. Consumers typically find them very helpful in determining the following information.

• How much they can expect in a monthly payment
• How much of their payment will be interest vs. principal
• How different interest rates affect payment
• What kind of difference making additional payments makes on the loan
• What type of down payment they’ll need to have acceptable monthly payments

Another pro for all these loan amortization calculators is that, although not exact, they can give the consumer a general idea as to what to expect before they actually visit a lender. And when you become aware of how different interest rates affect monthly payments and loan balances, it gives you the incentive to really shop around for the best rates.

About the only con that consumers can find with these loan amortization calculators is that they don’t factor in specific closing and settlement fees or mortgage insurance, which is often required with a mortgage.

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