Here is a list of 15 free online amortization calculator websites. These websites will help you determine the periodic payment due on a loan, based on amortization process (as on Wikipedia). These websites provide you with simple interface where you will see some fields. You need to enter the corresponding values and on the basis of it, the website will show the amortization schedule to you. They also show the complete breakdown on the basis of payment frequency (monthly, annually, etc.) selected by you.
All of them are free to use and can be used without registering for any kind of account. So, let’s get started.
Amortization-calc is a pretty simple and easy to use online amortization calculator. There are following fields for you to enter: Loan amount, Loan term, Interest rate, and Repayment start date. On clicking the Calculate button, you will get the amortization schedule along with the calculator. At the top, you will see the loan summary, monthly payments, total number of payments, and pay-off date. Below it, you will see the graphical representation of the schedule along with the monthly breakdown. It shows the interest, principle, and balance for each of the month until the end of your payment period.
BankRate.com amortization calculator has following fields: Mortgage amount, Mortgage term in years, Term in months, Interest rate per year, and Mortgage start date. There is also an option for checking the current interest rate of US banks at the time of calculation. After the calculation, you’ll see the pie chart with monthly payment along with the distribution of interest and principal. Below this information, you will see payment, principle, interest, total interest, and balance for each month. BankRate also shows the pay-off date.
Pine-grove has the online amortization calculator which asks for a little more details from you as compared to other calculators. It asks you to enter the amount of loan, number of payments, annual interest rate, periodic payment, loan date, 1st payment date, payment frequency, etc. On entering everything, it shows you the breakdown of payment, principal, interest, and balance. The good thing is that you can choose from different types of payment frequency like monthly, daily, weekly, biweekly, quarterly, annually, semi-annually, etc.
There is also a Chart option which shows you the graphical representation of your amortization schedule. You can also print the complete schedule if you want.
4. Bret Whissel:
The online amortization calculator from Bret Whissel is the simplest calculator. You simply need to enter the principal, payments per year, annual interest rate, number of regular payments, balloon payment, and payment amount. Do remember that you don’t have to fill them all, instead you need to leave the field blank for which you want to calculate. There is also an option to show/hide the amortization schedule. Depending upon the data entered by you, you will see the summary and the amortization schedule (if chosen by you to show).
5. Canada Mortgage:
The fifth online amortization calculator in the list is Canada Mortgage. You have to provide the loan amount, mortgage rate, payment frequency, and a field to enter extra payments (if any). The unique thing about this calculator is that it represents the breakdown via an interactive graph. You have to hover on the particular column to see the payments for that unit. I am using the word unit because this website lets you choose the payment frequency which can be monthly, annually, weekly, bi-weekly, etc. At the bottom of the graph, it shows payment, interest-term, balance at term, interest-amortization, and term principal paid.
The next website Calculator.net shows both annual as well as monthly amortization schedule. You only have to enter 3 fields: Loan amount, Loan term, Interest rate. On the basis of the details, it shows pie chart and bar graph. The pie chart shows the payment breakdown, while bar graph is the loan amortization graph. The website also provides information regarding amortization, amortizing a mortgage loan, credit card amortization, amortization in tax law, and amortization in the business. It means you can also use this website as a source for information.
My Amortization Chart is yet another online amortization calculator with a simple interface and 4 fields to fill: Principal, Interest Rate, Loan Term, and ZIP code. You can choose the amortization chart to be either monthly or annually. After the calculation, the calculator shows the complete chart as per the breakdown level chosen by you. It also shows total number of payments, monthly payment, total principal paid, the total interest paid, and total money paid.
The name of the website is Mortgage Calculator but don’t worry, it does have an online amortization calculator. The calculator is only for auto and home loans. You have to enter the purchase price, down payment (in $/%), amount to finance, annual interest rate percentage, loan term, and payment type. The payment type can be monthly, quarterly, semi-annually, or annually. After clicking the Calculate button, it shows the principle, interest rate, term, payment type, and payment.
To see the schedule, you have to click on the Create Amortization Schedule button. It will show you the popup with the complete schedule. You can also make changes to the fields manually to see the changes.
9. Vertex 42:
Vertex 42 lets you calculate amortization schedule by providing loan amount, annual interest rate, the term of the loan in years, first payment date, and frequency of payment. Depending on it, Vertex 42 shows rate and payment per period, number of payments, total payments, interest, and complete amortization schedule. You can also choose to print the schedule.
In the end, it also shows a comparison between different payment frequency options. The comparison is shown for: Annually, Semi-annually, quarterly, bimonthly, monthly, and biweekly.
Yona.com has the easiest to use online amortization calculator in this list. You simply have to enter details about following fields: Principal, Interest Rate, Number of Payments, and Compounding. You can choose Compounding as Quarterly, Annually, Semi-annually, or Monthly. Clicking on Amortize option shows complete schedule along with principal, payment, APR, Total Interest, and Total loan value.
11. RBC Royal Bank:
This online amortization calculator is provided by RBC Royal Bank. It requires you to enter mortgage amount, rate type, interest rate, interest term, payment frequency, and amortization period. As for the calculation, it calculates and shows payment calendar and the graph. The calendar includes breakdown on the basis of payment frequency. You simply need to click on them to see their graphical representation. The website also shows results summary which shows all the fields and their values which were entered by you. You can also print the results.
12. Easy Calculation:
Th next online amortization calculator is by Easy Calculation. You have to enter the following info: Loan amount, interest rate, terms, starting month, and Early loan payoff method and amount. After the calculation, it shows the monthly payment and total interest without pre-payment. Just below it, there is the complete amortization schedule with month, principal paid, interest paid, and loan balance.
13. Amortization Table:
Amortization Table is one of those easy to use online amortization calculators. You only have to enter principal, interest rate, and term. Just the moment you click on Calculate button, it shows you the amortization table. It consists of monthly payment, total interest paid, and total paid. For each month, it shows payment, principal, interest and balance. There are no other options to tweak around.
I don’t know how many of you know, but About.com also has its own amortization calculator. It lets you calculate the schedule on the basis of loan amount, interest rate, length of loan and loan start date. As a result of which the website shows you the complete amortization schedule showing the information: Month/Year, Interest, Principal, and Remaining balance. Just above the term, About.com explains the meaning of amortization calculator and related terms.
Free Online Calculator Use is the final and last online amortization calculator in this list. It is a pretty simple and straight forward in what it does. Simply enter the values and get your schedule instantly. If you find any doubt, then hover your mouse over the field to get the answer. The website also lets you choose a print friendly loan amortization schedule.
These are the 15 free online amortization calculator websites. Check them out to know your amortization schedule .
You may also like: 16 Best Free Accounting Software.