Mortgage Amortization Calculator

Understanding Mortgage Amortization
Mortgage amortization is the process of paying off a debt over time through regular payments. A portion of each payment is for the interest, and the remaining amount is applied towards the principal balance. Over the life of the mortgage, the interest portion decreases, and the principal portion increases with each payment, but the total payment amount remains the same.

Key Components
Loan Amount: The total amount borrowed.
Annual Interest Rate: The percentage of interest charged on the loan amount annually.
Loan Term: The duration over which the loan will be repaid, typically in years.
Calculating Monthly Payments