Amortization is the process of repaying
loan in equal installments over a period of time. Normal desk
calculators cannot be used to calculate the amortization installment
as the payment includes the principle amount and the
interest. The amortization
calculator developed by Mortgage Mantra gives you the option
of looking at an amortization table, which is also known as an
amortization schedule. The amortization table shows how much
internet and how much principle is included in each monthly payment,
from the first to the last.
Mortgage Mantra includes a loan balance table or an amortization table in the
Mantra Extras section that allows users including realtors and lenders to quickly
determine payments and loan balances for loan amounts upto $ 1 Million for loan
terms from 1 - 30 years.