An amortization calculator is used to determine the periodic payment amount due on a
loan (typically a
mortgage), based on the
amortization process. The
amortization repayment model factors varying amounts of both
interest and principal into every installment, though the total amount of each payment is the same.An amortization calculator can also reveal the exact dollar amount that goes towards
interest and the exact dollar amount that goes towards principal out of each individual payment. The
amortization schedule is a table delineating these figures across the duration of the loan in chronological order.
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