Loan Amortization Calculator

If you’re trying to figure out the details on your loan, then you need to use our loan amortization calculator. Simply click on the loan tab of the calculator, in the sidebar on this site, and enter in the relevant details of the loan you’re considering.



The loan amortization calculator will do all the heavy lifting for you, and will display the results in a nice graphical format when you’re done.

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Tips To Pay Off Your Debt Sooner

If you dream of living a life free of debt, you are not alone. Whether you owe $10,000, $20,000 or more in outstanding debts today, you may be crunching numbers and reviewing your personal budget in an effort to learn how you can eliminate your debt balances in the fastest way possible. By following a few tips, you can more easily and quickly reduce and eliminate your debts.

Reduce Your Spending

If you are serious about paying off your debt quickly, you will want to use every extra dollar you can toward debt reduction. Therefore, take time to review your personal budget, and consider different ways that you can reduce spending. This may involve shopping for a better deal on your insurance plans, reducing your cable TV and cell phone plans, taking a brown bag lunch to work and making other similar efforts. The greater your spending cuts, the more money you will have to pay down your debt balances. You can use a debt repayment calculator to learn how beneficial it can be to pay even an extra $50 or $100 a month toward debt reduction.

Stop Using Credit and Debt

You also want to stop using credit and debt to make new purchases. As long as you continue to add to your total outstanding debt balance, you will continue to struggle with debt repayment and elimination. As you slowly reduce your credit card balances, you will notice that the minimum monthly payment for your accounts decreases. The gradual reduction in your minimum monthly payments can help you to focus additional money toward debt reduction.

Pay More Than the Minimum

It is important to note that when you pay the minimum monthly payment each month, your account balances will gradually decrease over time. This is, of course, provided that you don’t continue to make purchases with these accounts and add to the debt balance. However, it can take months or even years to pay off debts when you only make the minimum monthly payment. It is best to focus every extra dollar that you can on paying off one account. Once that account is paid in full, focus your efforts on another account.

Seek Help When Needed

If you are unable to make the minimum monthly payments on your accounts each month, it is important that you seek help. You can visit debt.ca today to learn more about the debt management and reduction options that are available to you.

How Much Of A Mortgage Can I Afford?

Before you purchase a new home or refinance your current home loan, it is important to consider how affordable the mortgage payment will be. For many Canadians, their home mortgage payment is the single largest expense in their budget. Furthermore, unless you sell your home, refinance your mortgage or find a way to pay the loan off early, you will be responsible for this payment for 20 years or longer in many cases. Clearly, it is in your best interest to make this payment as affordable as possible. When it comes to mortgage affordability, there are two sides of the equation that you should look at.

The Mortgage You Qualify For

You can easily use a mortgage affordability calculator online to determine what loan amount you may qualify for when you apply for a loan with a bank or mortgage broker. Lenders and banks will review your income, other expenses and even your liquid assets to determine how high of a mortgage you may qualify for. This can be helpful for you to know as you want to ensure that you can be approved for a mortgage loan when you submit your application.

The Mortgage That Is Affordable For Your Budget

In many cases, the loan amount and monthly mortgage payment that you qualify for will indeed be affordable for your budget. However, it is important to take a moment and consider how the new mortgage payment will affect your budget. Keep in mind that some of your other expenses may change when you move into a new home as well. For example, the expense related to your commute to work, your utilities and other expenses may need to be adjusted. Some people have extra expenses that lenders do not consider when reviewing a loan application, such as childcare expenses or financial support that they are providing to an aging loved one. Furthermore, the lenders typically do not factor in other expenses related to home maintenance and repairs, your personal savings rate, life insurance premiums and other experiences. While a lender may not consider these when qualifying you for a mortgage, they are real expenses in your budget. All of your expenses should be reviewed to determine if you are comfortable taking on the new mortgage payment.

It is a good idea to compare mortgage rates at MortgageRates.ca when using a mortgage affordability calculator. You can easily compare different loan terms and rates to determine which loan program may be most affordable for you.

Instant Loan Cash – An Immediate Solution to Financial Emergencies

The payday loan has been of great help to people who are in need of urgent funds for emergency situations. Instant loan pay day cash can be made available within a day through quick loans online. Be it for your family needs, bills or repairs for your car or house facilities, fast online payday loan same day can be accessed via the Internet. Payday loans are a simple and quick solution to urgent financial requirements. They do not require many documents in order to be approved. In addition, they are a better solution to avoid overdraft penalties which can result in far bigger financial troubles. However, it is necessary to take precautionary measures when applying for a payday loan since it may not always be appropriate for you. Borrowers should always know their responsibilities when getting a payday loan because it might bring financial consequences in the future.

Borrower’s Responsibilities and Obligations

A. Ability to repay – Before applying for instant cash loan now, it is necessary for borrowers to know their capacity to repay. Since payday loans can be approved within the day of application, lending companies require individuals to have a full time or regular monthly income to assure payment. Quick loans online has to be paid in a month’s time which will include the total amount plus the interest rates for that specific loan. Individuals should also determine the amount to be borrowed. Experts advise people who want to borrow money on a “fast online payday loan same day” basis to check on their financial repayment capacity to avoid financial constraints.

B. Paying on time – Borrowers should not consider payday loans as an open ended loan. This type of loan is designed to help people fulfill their immediate financial needs. Lending companies offer repayment in a month’s time; however, instant loan cash can be rolled over in the next month as long as you agree with the terms and conditions provided by lenders.

C. Knowing factor in the interest – Since quick loans online are provided by lenders in a short period of time, the interest rates are much higher than traditional or bank loans. Lending companies set a 25 percent interest on the total amount being lent. Borrowers should also remember that these loans are to be paid on the exact day of repayment so as not to incur penalties and interests.

D. Requirements and Documents – Payday loans can be a “fast online payday loan same day” process. In this regard, borrowers should be prepared with the necessary documents in order for the loan application to be approved. Basic requisites include an active and valid bank account. For example, if you live in the UK, you should have a UK bank account to apply for a payday loan in the UK. It is necessary that you are at least 18 years of age and need to be employed. Documents like ID with picture, pay slips and other documents required by the lending company are required.

Payday loans can be of great assistance to individuals who have urgent financial requirements. This is a quick solution to immediate cash and should be used responsibly. As long as you follow payday loans guidelines, you will never be troubled financially.

Ways To Put Your Personal Finances In Great Shape

Having your personal finances under control is a great feeling. It doesn’t take a finance degree to understand that setting up a simple routine to deal with day to day and long term financial planning can be the key to peace of mind for you and your family. Try some of these simple strategies to keep yourself on track to reaching your financial goals.

Taking care of your personal finances can be so much easier when the papers and documents you need are right there when you need them. Start by organizing each area of your finances. File folders or notebooks with pockets can be a simple storage option that will keep everything you need accessible. One folder can be used to store your monthly bills. Make sure that you put them in their assigned place as soon as they arrive in the mail. Store important tax information in one place so that you can easily find it when tax time comes around.

Make a simple monthly budget to help you get a clear idea of where and when you spend your hard earned money. It is a simple fact that the money you spend should not exceed the money coming into your household. It is important to realize that you can be smart about spending your money or you can set yourself up for difficult consequences in the future. Your written budget will provide valuable information about the kind of choices you are making. Revisit your budget regularly to see if it is effective and make changes as needed.

It is also a valuable strategy to review your financial plans thoroughly at least once a year to make sure you are still on track to meeting your financial goals. This is the time to focus on your long term financial health and make adjustments that advance your overall goals.

Make paying off credit card debt a top priority. Create a plan for eliminating all balances on your credit cards by setting aside a non-negotiable amount that you will apply to each one every month.

Keep enough money in a savings account to cover your monthly obligations for three months. This provides a cushion that can be used when you are surprised by a bill that you had not planned for in your regular budget.

If you have not begun saving and investing for the future, it is never too late to start. Having pre-tax dollars deducted from each paycheck to be added to a deferred compensation account can be one practically painless way to begin securing a financially comfortable future for you and your family. Determine a set amount to deduct that fits into your budget and you will see your investment grow through the years.

As you can see from the solid tips and advice above, they is no mystery to keeping your personal finances in great shape. You can be confident that using them will bring you the satisfaction of knowing your family is in good hands.

How To Control Your Finances

When you control all of your finances you take control of your life. Controlling your finances also allows you to be happier as you are less stressed with trying to figure out how much money you need on a daily basis. If you want to learn what it takes to control your finances then you’re lucky because this article is going to help you do just that.

Avoid getting yourself in debt, this is the most unhealthy thing you can do to manage your finances. When you properly manage your finances you don’t build credit card debt or take out loans and waste all of your money. Look at how much you make and plan to apply that towards bills, then manage the rest of your money accordingly in order to have a healthy financial future.

Loans and credit cards are bad things when you don’t know how to manage your money. So make sure that you manage your money and credit with the most of care. You can take control of your personal finances by avoiding digging yourself in debt. Actually go ahead and pay off your debt which can help you in the end.

Consider what you want to budget your money around. You can think of reasonable figures to spend on a weekly and monthly basis and plan out your finances according to how much you make. Budgeting your money and planning things out is a great way to feel good when you actually spend it.

We all have those friends that want to borrow money but don’t pay it back. Make sure you avoid loaning money to anyone that could potentially not pay you back, even family members. Money is funny, so only let people you trust borrow money because the last thing you need is money to go missing.

Check your credit score, then go ahead and make efforts to improve your credit score. If you have a bad credit score then change it so that as soon as you can. Pay off your debts and pay your credit cards as well as other bills on time.

If you find that you can get a better job and make more money then do so. Make efforts to improve your life and ensure your finances for the future are promising. So keep an ear out for any potential jobs that could help you secure your finances, or consider investing your money into either Forex or stocks.

Save as much as you can for your retirement. You don’t want to be of age and have to work for the rest of your life. You want to enjoy yourself once you reach the retirement age, so save now and have fun later.

Anyone can manage their finances, it just takes discipline. It doesn’t matter what position you are in right now, as long as you make efforts to improve yourself you should notice a change in how healthy your bank and wallets look. Apply yourself and set personal finance goals and get yourself on the right track in life.

6 Ways to Get Out of Your Debt Problems

Quite often it has been seen that many people face the problem of rising debts. In some cases, the extent of the debt is so high that it leads to precarious financial situation. Getting out of these debts is not easy. However, if the debtors follow a few steps, they can indeed reduce the amount of debts actually incurred. Here are 6 ways on how you can get out of debt.

  • Stop increasing your debt

    The first and the foremost step in order to reduce the debt is to recognize the crisis and start taking action so that the level of debt does not increase. The following steps can be followed here.

    - It would be wise to cut back the usage of credit cards.
    - Only one card can be used for emergency purposes.

  • Record your spending

    One important way to get out of debt is to record your spending. You are into a debt situation if you have spent beyond the limit allowed by your limited budget. In majority of the cases, debts of the individuals do not arise from single huge purchase rather it accumulates over time due to numerous small purchases. If one keeps record of all his/her spending, he/she would surely be in a better position to reduce it also, if required.

  • Categorize your spending

    It is a good practice to classify the monthly spending in different categories such as ‘must have’, ‘should have’ and ‘likely to have’. This logical grouping as well as clear idea about spending offer better control over expenditures. The ‘must have’ group should include items such as food and medicine, which you should not compromise with in order to reduce your monthly spending.

  • Plan a budget based on your spending record

    Just go through the last month’s budget and the amount you spent on each category of items. For sure you would be sad due to your spendthrift behavior. Taking the cue from the last month, you can cut down expenditure in the coming month.

  • Establish an emergency fund

    One excellent way to get out of debt is to establish an emergency fund to meet some unforeseen contingencies. It is recommended to keep this emergency fund liquid but the fund amount should not be immediately accessible. One should not keep this money tied up with a debit card. The amount should no way be used on non-essential items.

  • Implement a debt snowball

    For long term solutions to debt crisis, this comes very handy. It includes the following few steps to be followed.

    -Keep aside a certain amount of money every month to pay towards debts.
    -Order the debts from lowest balance to highest balance.
    -Pay the minimum payments on all debts.

Rising debts lead to financial disaster. So, it would not be unwise to practice the above mentioned exercises.

Debt reduction and loan amortization go hand in hand

Amortization is the process of paying off your loan basically through a structured payment method. The amortized loans are different than other loans because of the way the loan amount is paid and the structure of the payment. Thus, amortization and debt reduction goes hand in hand as you are paying off the debt.

Amortization and the debt reduction

Amortization is the repayment method through which you repay the amount that you had borrowed from a lender. It can be a mortgage loan or a car loan. The payments are made generally in installments and as a result the debt amount goes on reducing. This process of debt reduction is also referred to as amortization of the loan. The different provisions of amortization include the payment over a certain period of time, the gradual repayment of the borrowings in installments, a transaction through which the principal borrowed amount reduces over the life of the agreement; therefore you are working towards debt reduction. Amortization also includes the writing off or depreciation or reduction of the value of a tangible asset over the loan term and allocation of the assets cost over the estimated useful life.

The best way to amortize your loan – mortgage or car – is making additional payments other than the payment toward the interest on the loan. That is, you will have to make more than minimum payments. In this way, you are not only making payments toward the interest but also toward the principal. This helps you to save money on the interest in the long run. As you make more than minimum payments on the loan, you are able to pay off the debt quickly enough. In other words, the debt reduction process quickens and you save money on the interest.

So, on the other hand, you need to keep in mind that the longer the loan term, the longer will it take to amortize. The longer, it will take to amortize, the more will be the amount that you will be paying toward the interest on the loan.

Amortization can also work in the reverse. That is, when you make payments which is less than even the minimum payment. Negative amortization, generally happens in case of minimum payment option loans or interest only payment loans. In interest only payment loans, the loan amount that you owe does not reduce even though you are going on making the payments. The loan size remains the same. Now, if you pay less than the interest only level, you are in the process increasing the size of the loan. This is the negative amortization of the loan and adds to your debt amount rather than working towards the debt reduction.