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How Do I Amortize A Home Mortgage?

By Eric Goodwill

The easiest way to amortize your mortgage is with a free spreadsheet or an online calculator.

When considering mortgage options or budgeting for the purchase of a new house, an amortization is an essential tool. An amortization is a chart listing your payment schedule for the life of a mortgage, showing the balance over the life of the loan, the total interest paid, or the effects of any additional payments made to shorten the duration of the mortgage. Calculating one by hand can be tedious, but the internet has dozens of tools to help you create the amortization that provides exactly the data that you need.

Spreadsheets

Using your favorite search engine to browse the web for spreadsheets is a great way to create a portable, easily modified amortization document is ideal if you need to collect data and modify your amortization based on responses from lenders. Searching for phrases like ‘free amortization spreadsheet’ or ‘mortgage amortization spreadsheet’ will provide you with a long list of options. You can use your PC’s office software or download free spreadsheet software to use these files. Frequently, the spreadsheets will perform all necessary calculations after you input a few basic pieces of information, such as your downpayment, the total principal of the loan, your interest rate, frequency of payment, and the total duration of the mortgage period.

Calculators

If you simply need a single amortization, such as one that can assess the total interest to be expected for the rest of your existing mortgage, an online calculator should be sufficient. Use your favorite search engine with phrases such as ‘online amortization calculator’ or ‘online mortgage amortization’ to generate a list of web-based tools that will provide you with similar breakdowns. Feel free to experiment with multiple tools to find the perfect tool for your needs, as most calculators are developed for a particular need.

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