What does this Loan Amortization Calculator do?
It calculates the periodic payments that are due for a loan such as a mortgage when given the following inputs:
Principal: Which is the amount of the loan, Loan Term: The length of time in years that the loan needs to be repaid and the Annual Interest Rate.
The calculator also outputs an Amortization Schedule that shows the breakdown of what part of the monthly fixed payment is going towards paying the principal amount and towards the interest. The last line of the schedule shows the total amount of interest that is paid over the life of the loan.
Now you can download the Amortization Schedule by clicking the download icon. The downloaded file can then be opened in any spreadsheet program such as Microsoft Excel, OpenOffice Calc, Google Spreadsheet etc.