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## Amortization Schedule

This site has a free amortization schedule calculator for anyone so he can see exactly how his mortgage or loan amortizes.  It doesn't matter if the loan it is a car loan, a mortgage or any kind of loan.  To an amortization schedule it doesn't matter what the loan is for.  It is simply concerned with the length of the loan, the interest rate and the amount of money, or principal borrowed.
Before you print out your amortization schedule, you should be familiar what an amortization schedule is and what it's telling you.  Amortization schedules show us how the principal of a loan is being paid.  It will show how much principal is left after each payment and how much is left on the loan.
It will also show how much interest has been paid on the loan.  Obviously, if it is a higher interest rate loan or mortgage it will show more interest being paid.  Naturally, if it were a zero interest rate loan no interest would be being paid.
As the loan is being paid down the amount of the principal being paid each month increases.  This is simply because the payment stays the same and as the principal decreases, the interest on the loan will also decrease.  There is a simple formula for this.  The interest rate times the amount owed equals the amount of interest due.  So, as the principal, or amount owed becomes lower, the interest also becomes lower.  Since the payment is staying the same, a bigger portion of the payment is left to be paid toward the principal.
It is important to know to that if a person pays extra principal, the loan will be paid much sooner.  In fact, if the payer adds extra principal which is equal to the amount of principal he was scheduled to pay, he would in fact, be making an extra payment.
Here's an example.  In the early part of a mortgage, the interest on a particular payment is \$1600.  The principal due is \$80.  The payer decides to pay \$1760.  This payment equals the interest of \$1600, the principal portion of the payment of \$80 and an extra \$80 toward the principal remaining.  In effect, the payer has just paid two payments.  In doing so, he is save himself \$1600.  This is because he has one less month to pay, and the cost of carrying that extra month would have been a \$1600 interest charge.
Becoming familiar with your amortization schedule will keep you informed of these things.  As you can see, knowing this information could be very beneficial to you as you get a hold of your finances.