Best Free Online Mortgage Calculator with Amortization

Best Free Online Mortgage Calculator with Amortization

Manually calculating your mortgage payments may seem easy at first, but considering the amount of time you need to invest, the possibility of a mistake, and the fact that there are simpler solutions, it’s better not done manually.

Instead of calculating complex mathematical formulae by hand, you can always use the free mortgage calculators on the internet. These mortgage calculators work by requesting some basic, impersonal information about your mortgage. Using the data you provided, the calculator will instantly calculate your mortgage payments with insane accuracy almost instantaneously.

If you’re looking to use a free online mortgage calculator, you’ll find an excellent option here. However, if you’d rather calculate your mortgage by hand, we’ll also show you how to do that, although your calculations will be prone to human errors.

What’s a Mortgage?

Mortgages are loans used to cover the cost of a home or other types of real estate property. The property serves as the collateral for the loan; if the borrower can’t pay the loan in the agreed term, they may forfeit the property.

Just like an amortization, a mortgage is paid in equal installments, and they’re also divided into principal and interest. Mortgages are common in the real estate world. Borrowers scout for good real estate properties and apply for a mortgage to finance them. The lender will then explore the possibilities of the borrower paying back the loan.

In some cases, the lender may ask the borrower for some financial evidence that they’re capable of managing and repaying the loan. Common information that a borrower may have to provide to the lender includes credit scores, tax returns, and proof of employment.

If the lender is convinced that the borrower can repay the mortgage, they will cover the cost of the house in exchange for installment repayments in the future. If the borrower doesn’t repay the loan over an agreed period, the lender can foreclose on the property, sometimes selling it to cover the cost of the loan.

There are many types of mortgages; popular ones include the fixed-rate mortgage, the adjustable-rate mortgage, reverse mortgages, and interest-only mortgages.

Due to the variety in the types of mortgage, it’s pretty difficult to learn to calculate every single type of mortgage. While the formulas are largely similar, why go through the stress of having to calculate it yourself, when there are numerous online calculators to help you out.

What’s an Amortization?

Amortization is a term popularly used in real estate to refer to the process of repaying a loan in installments over a specified term. If you make all the periodic payments on a fully amortized loan, you’d have finished paying your loan by the end of the amortization term.

Amortization can also refer to the practice of covering the cost of an intangible asset over an extended period. This has nothing to do with a loan, but with the total cost of an asset over a fixed period of time.

A loan amortization schedule, therefore, refers to the report that shows how much of your loan payment goes towards the interest and how much goes to the capital for every installment.

Amortization focuses on repaying the interest of the loan before the actual capital. Therefore, a fully amortized loan is one in which the repayments cover the entire cost of the capital as well as the interest.

Calculating your amortization by hand can be quite demanding and time-consuming, but you don’t have to do that by hand. Unless you’re a mathematician or an accountant, it’ll almost always be easier if you used a calculator.

There are many other ways to calculate amortization. You can use an online amortization calculator or a spreadsheet package. These programs calculate your amortization payments by running the information you provide through a predefined formula, and they’re faster than you could ever be.

If you’d rather calculate your loan amortization yourself, a simple Google search will bring up the formula. However, I’ll warn you that the process won’t be anywhere near pleasant.

Best Online Mortgage Calculator

If you’ve read up to this point, you probably already know that a mortgage calculator is the best way to calculate your mortgage and amortization payments.

A spreadsheet software like Excel requires hours of training while being tasking. This brings the question down to the best free online mortgage calculator with amortization. There are a couple of them on the Internet, but none comes quite close to the Amortization schedule calculator by Ednakeep.

This amortization calculator lets you calculate your mortgage payments for free and also enables you to sum up the mortgage payments and amortization for most types of loans. Suppose you’d wish to get it, check here It also features a quick guide on amortization and loans on the calculator page.

While there are many other online mortgage or amortization calculators online, finding one that lets you calculate both for free almost instantaneously is pretty rare. If you can’t access the amortization schedule calculator for some reason, you can opt for the mortgage calculator from Nerdwallet or Bankrate.

Regardless of what online calculator you use, it’s important to note that the figures you see are just estimates. While they’re usually pretty close to what your schedule will look like, none can guarantee a 100 percent accuracy, as there are slight disparities based on the lender.


If you’re into investments and real estate, the chances that you’ll have to pay off a mortgage or an amortization are pretty rare. However, these repayments can be somewhat difficult to track and calculate.

To keep track of all your loan and mortgage repayments, you have three options: you may learn to use spreadsheet software for the calculations, learn to calculate it by hand or use a free loan calculator with extra payments.

Of all these three options, using a free calculator is obviously the best option. Using a top-notch online mortgage and amortization calculator will keep you on top of your mortgage payments easily.

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