Read all of the instructions before you begin. I tested this program successfully on several popular browsers.
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- Enter the amount to be borrowed in the principal block.
- Enter the duration of the loan in years.
- Enter the annual interest rate.
- Select the month and year of the first payment.
- Entering an amount in the optional extra monthy principle payment block illustrates how paying extra each month on the principal will shorten your note. .
- The total monthly payment will be calculated at the same time the amortization table is rendered.
- Hit the render button.
- Your amortization table will appear below the calculator. Once you have it fine tuned, use the print button to get a printer friendly version of your amortization table.
Conventional loans and/or Mortgages typically have a set or fixed interest rate on the outstanding balance that remains constant for the term
of the mortgage. Initially the borrower is paying mainly interest and little is applied to the amount owed. Each month the amount of interest paid
decreases and the amount applied to the principal increases. This is the most common type of loan issued by mortgage companies and banks.
Another popular type of loan used by sellers is the scaling interest Loan. It is commonly used in land contract and lease option deals.
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