Online Mortgage Amortization Calculator Principal: Number of Years: Interest Rate (%): Monthly Payment: $ function calculateLoan(){ //Grab the two values from our input boxes var principal = document.getElementById('principal').value; var numYears = document.getElementById('numYears').value; var interestRate = document.getElementById('interestRate').value; //Check to make sure two values have been selected if(principal == "" || numYears == "" || interestRate == ""){ alert("Please complete all fields."); return; } //convert interest rate from a percentage to a decimal var decimalInterestRate = interestRate/100.0; // calculate our monthly payment var monthlyPayment = (principal*decimalInterestRate)/(1-Math.pow(1+decimalInterestRate, -1*numYears*12)); //document.getElementById("monthlyPayment").innerHTML = monthlyPayment; document.getElementById("monthlyPayment").innerHTML = monthlyPayment.toFixed(2); //displaying fixed 2 decimel value } What are Online Mortgage Amortization Calculators? When it comes to mortgages, an amortized loan is one with payments structured to cover both the principal amount of the loan and its interest. The payments are dispersed over an established period of time, and the total sum of payments is predetermined. Online mortgage amortization calculators are tools which allow you to easily and quickly calculate the individual payments you will be making to your lender over the course of your mortgage loan. What is Included in an Amortization Calculator? In general, most mortgage amortization calculators will require you to input information regarding: Loan amount Interest rate Start date Term (length) of the loan The calculator will then generate an amortization schedule showing your monthly payment amount, the total loan amount and the date by which it will be paid off. Amortization schedules also list the total interest accrued over the life of the loan and the amount of principal that is paid off each month. Benefits of Using Online Mortgage Amortization Calculators Using an amortization calculator allows you to quickly and easily calculate the remaining balance of your loan at any given time. An amortization calculator can be used to better understand how interest rates can affect your loan amount and monthly payments. You can use an amortization calculator to view the breakdown between principal and interest of each payment. Using an amortization calculator allows you to accurately estimate how long it will take to pay off your loan. Amortization calculators are a great tool to compare different loans and determine which one would be best for you. How to Use Online Mortgage Amortization Calculators Using an online mortgage amortization calculator is a fairly straightforward process, which requires you to simply enter in the information regarding the loan amount, interest rate, start date, and term (length) of the loan. You can also customize the calculator, if you wish, to get more detailed information regarding the individual payments, such as principal and interest. Once you enter your loan information into the calculator, it will generate a schedule that shows the total loan amount, total interest paid over the life of the loan, and the amount of principal being paid off each month. Keep in mind that these are estimates which can change depending on your individual loan terms. Conclusion Online mortgage amortization calculators are an invaluable tool for anyone looking to purchase a home or refinance a mortgage. By combining this information with other research and calculations, you can ensure you are getting the best deal on your loan and make more informed financial decisions regarding your home purchase. If you are considering buying a home or refinancing an existing loan, you should take the time to explore your loan options and use online mortgage amortization calculators to help make informed decisions. With a clear understanding of how a loan works, and an easily visible payment schedule, you can help ensure that you meet your financial goals with the best loan for your needs.