Q:

How can you find amortization schedules for free?

A:

Quick Answer

As of 2015, Bankrate.com has a free amortization schedule calculator available on its website. Although the calculator is geared toward consumers seeking information about mortgages, the calculator can be used to calculate, view and print amortization schedules for any type of loan.

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Full Answer

The calculator provided by Bankrate.com also allows the user to apply hypothetical payments to the loan, and re-calculate the amortization schedule. The calculator is fully customizable, allowing the user to edit the amount of the loan, the loan term, the interest rate and the start date of the loan.

Amortization refers to any type of loan in which the loan is paid off in equal installments over a predetermined period of time, explains Bankrate.com. Over the term of the loan, the portion of the payment that goes toward the principal of the loan increases, and the portion that goes toward the interest decreases. Early payments can significantly reduce the amount of interest that is paid on the loan, and can enable early repayment of the loan. The calculator at Bankrate.com helps borrowers figure out how much extra to pay in each installment so that the loan is paid off in a given number of months or years earlier than the term of the loan.

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