Bankrate.com offers a service that creates a free loan amortization table. Users can customize the table with different loan balances, interest rates, loan terms and extra loan payments.
Continue ReadingWhen creating a loan amortization table on Bankrate.com, enter the details of the loan into the appropriate blanks on the loan calculator form. These details include the loan amount, the annual interest rate, the term either in months or in years, and the loan origination date.
The calculator then generates the loan's amortization schedule. The schedule shows every payment to be made, how much of each payment goes toward principal and interest, how much of the loan balance remains after that payment, and when the loan is to be paid off.
In addition, three more input fields are available on the Bankrate.com loan calculator to enter extra payments made to the loan. These extra payments can include an additional amount applied to each monthly payment, extra applied once a year during a certain month and extra applied one time at a certain point during the loan payoff. When using these fields, click Apply Extra Payments to modify the amortization schedule to include the extra payments you have specified. The application then recalculates the remaining principal.
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