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An amortization calculator is a tool that you can find offered to you throughout the web on loan lender’s websites as well as on good lending informational websites. This tool is what is used to calculate the amortization of a loan. That is the way in which the loan is broken down throughout the repayment terms. For any loan that you purchase, this tool will help you as the consumer in many ways as well. It can actually be the tool that helps you to find the lowest cost loan and the one that is ideal for your specific needs.

To use an amortization calculator, first find one. Again, these are free to use and they are available everywhere. You will be under no obligation to work with the lender or the company that provides them to you to use. Now, to use them, simply provide the following data to the calculator.

• What is the principal amount of money that you would like to borrow from the lender to purchase a home or to use for whatever other reason?
• What is the interest rate that the lender has provided to you? To know what is available to you, compare the rates of various lenders and even get online instant rate quotes as well. Then, provide the ones you qualify for here.
• What are the terms of the loan in which you are applying? The amortization calculator will need to know how long you play to schedule payments for to pay off the loan. The length of the loan is needed here.

From here, the amortization calculator will do some figuring and will produce the following things for you to consider:

• The monthly payment of the loan as based on the information that you have provided for it.
• The payment broken down into how much interest as well as how much principal will be paid for each monthly payment sent in. This is usually much higher on the side of the interest during the first years of the loan and will later be lower as more principle is paid down.
• The total cost of the interest on the home loan. This is usually a high number and one no one wants to see.
• The total cost of the loan altogether including the interest and the principle of the loan. This is how much you are paying for your loan.

This tool can provide so much help to anyone that is using it. Not only can you use it to produce this information for you to consider, but you can go back to the beginning and change the variables to suit your needs. You can lengthen the terms to see if this lowers your overall monthly payment amount. If the amount of interest is too high, you can go back and find a loan offering a lower rate and refigure it. You can compare the various amounts of a home that you are purchasing. Perhaps you can afford to spend more on your home. The amortization calculator can help you to understand all of these things.

About the Author: Arseniy Olevskiy is a freelance developer, specialising in finance subjects such as loans, banking, mortgages, amortization calculator, etc. He recommends use of an amortization calculator for calculations at http://www.amortization-calc.com.