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Understanding What The Amortization Schedules Means To You
Purchasing a home is nothing short of amazing until you get to the amortization schedule. What is it? What do all those numbers mean? As you look at it, you are likely to be thinking that this can not be the amount of money that you are going to be paying. The fact is it is. But, understanding what this schedule of payments means can help you to know if you can afford your loan, when it will be paid off as well as how it will be paid off.
First, you should take the time to determine just what the amortization schedule will be before you actually get your loan. While it will not be right to the cent, it is likely to be pretty close to the amounts that you’ll pay. To find a way to do this, you can find a number of websites that offer the use of an amortization calculator. This calculator takes your numbers for your loan amounts and figures out the schedule of payments for you. It works in seconds and displays very important information.
Factors In The Amortization Schedule
- The loan amount. This term is the amount of money you are looking to borrow for the purchase of your home. This is not necessarily the amount you purchased your home for, but the amount of money you plan to mortgage minus any money you put down plus taxes and insurance. It is the amount you will look to the bank to pay you for.
- The interest rate. This number is crucial but can be hard to determine. Many of the banks out there will provide you with a base number they are offering for your mortgage purchase. But, remember that the interest rate can go up or down depending on the time that you purchase it, the credit worthiness that you have and even the type of loan you have (fixed rate or variable.) Punch in the rate that is as close to what you can expect to pay.
- The loan term. This is a straightforward question. Here, you will tell the amortization calculator just how long you will have your loan. It could be seven years, ten years, fifteen years and even up to 30 years. The longer you hold the loan, the more it will cost you but the lower the monthly payments will be as well.
Once you punch in all of this information, the amortization schedule will be displayed. The goal of this piece of paper is to give you an understanding of where your monthly payment is going as well as what the payment will be. It will tell you how much of your monthly payment is going towards the principal, how much is paying down interest as well as what the balance of the loan will be each step of the way. Lastly, it will tell you flat out what you will pay in interest and principal on your home loan. The amortization schedule is a tool that every home owner needs to take full advantage of.