Amortization Schedules Free

Loan payment analysis is easier with amortization schedules. Free schedules are available on the Internet. It is also easy to create your own customized amortization schedule.

Make Loan Payment Analysis Easy With an Amortization Schedule

An amortization schedule, often called an amortization chart, is designed to show the monthly payments on a loan over the term of the loan. Amortization schedules are available for both fixed and adjustable-rate mortgages and for many of the key loan terms including 10-year, 15-year, 20-year and 30-year loans. The schedules show each of the total payments each month as well as the components of the payment such as:

• Principal – The amount owed on the loan
• Interest – The interest rate of the loan
• Escrow – The account for the payment of taxes and homeowners insurance

The Internet offers many options for websites with amortization schedules. Many of the sites have free, printable amortization tables. Since the tables are so popular, they are often included on a website to draw traffic into the website. Some sites offer mortgage calculators which may also have the amortization function and which will print the results into an amortization schedule.

Most of these free amortization schedules and calculator printouts present information in the same format. The table includes a row for each payment with columns in the schedule reflecting how the payment is allocated across the principal, interest and escrow components. There are two basic calculation formats:

• Precalculated – These schedules show the calculations based on a specific loan amount (such as $100,000) and term (such as a 30-year loan). These precalculated schedules require borrowers to estimate their particular situation based on the numbers presented.
• Customizable – These schedules allow the reader to enter the total amount of their loan, their interest rate and any annual escrow expenses. They may also allow for analysis of the effect of adding larger payments or additional payments.

It is not difficult to find amortization schedules. Free schedules can quickly be found with using a search engine like Google. Just enter "amortization schedule." To select the best schedule, just look for these basic features:

• Use a credible website – You may have a better chance of obtaining an accurate schedule if you use a schedule from a well-known website.
• Find a customizable schedule – Look for a schedule that you can customize to reflect the actual amount of your loan and interest rate.
• Calculate additional payments – Find a schedule that will reflect the effect of the payoff of the loan if additional funds are added to the payment or if additional payments are made.
• Printable form – Be sure that the form can be easily printed, showing all columns and rows on the schedule.

• MortgageMavin.com – This easy-to-use site includes options for amortization on various types of loans:
  • Fixed-rate mortgage
  • Bi-weekly fixed-rate mortgage
  • Fixed-rate balloon mortgage
  • Fixed-rate interest-only mortgage
  • Adjustable-rate mortgage (ARM)
  • Convertible ARM
  • Two-step mortgage
  • Balloon ARM
  • Interest-only ARM
  • Graduated payment mortgage
• Bankrate.com - This website includes several calculators which will produce customized amortization schedules on several types of fixed mortgages and ARMs:
  • 30-year fixed
  • 15-year fixed
  • 10-year fixed
  • 7-year ARM
  • 5-year ARM
  • 3-year ARM
  • 1-year ARM

You can create your own straight line amortization chart with an Excel spreadsheet. There are several websites on which a predesigned Excel spreadsheet can be customized to a specific loan. For example:

• Mortgage-x.com – This website has a very large selection of amortization schedules covering many types of mortgage loans. Each schedule accepts information on the variables for each type of loan. Schedules range from a very simple 30-year Amortization Schedule to a more complex Pay Option ARM Amortization Calculator.
• Microsoft Office - This template is quick to download and provides an easy-to-understand schedule. The schedule details the payments in the first twelve months and provides a yearly schedule of the projected balances and payments.

You do not have to pay to receive an accurate, easy-to-read amortization schedule. There are many free schedules and calculators available on the Internet that can make it easy to customize a schedule to the details of your mortgage loan.

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