amortization?

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Question by OhioFantastic: amortization?
regarding amortization of a loan… i understand the concept of summing principal and how the principal increases as the loan continues, recipe but explaint o me what formula i can use to calculate what percentage of my payment (by each payment) is composed of interest and of principal. if you could find a website with that information on it (aka the formulas used in calculating amortization charts) i would appreciate it.
I should clarify: I don’t want a calculator. I want the formula linking principal and interest to money paid for the mortgage.

and gwyn, viagra thank you for your help, illness but i’m not an idiot who doesn’t know i have a computer. i know there are calcs to do it for me, i want to know what the formulas are, as expressly detailed above.

Best answer:

Answer by Gwyn T
You have a computer – go online to your bank or credit union home page, they’ll have an amortization program to figure it out. Or if you have MS Works, there is an amortization template in it. It’s a great way to figure out how much you save if you pay extra on the principal or exactly how much you will pay on your loan including the interest over the length of your loan..

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