The term “amortization” comes from the Latin word “mort,” meaning death. It literally means to kill a loan. It commonly means to repay it, combined with interest, over a specified period.
When you shop for a loan – lenders will calculate your monthly payments based on the cost of the house and the interest rate they are willing to give you, which is based on your credit score, income and current debt. This projected payment plan is the amortization schedule.
Sky Financial Corporation aims to help would-be borrowers with the information they need to make solid loan decisions. Potential borrowers now have a new place to turn when seeking financial lending assistance. With its user-friendly built-in amortization calculator, the sky financial website affords clients the capability of simply plugging in their personal details and instantly receiving a breakdown of their amortization schedule. Clients can precisely find out how much of their repayments will go toward interest versus principal, and what the balance of the loan will be following each installment.
The breakdown process is rather educational and can save the would-be borrower from signing a loan agreement before understanding their repayment evaluation. To learn how you can quickly and accurately estimate your monthly loan repayments, visit the amortization calculator online at sky financial.
Sky Financial Corporation’s amortization calculator can be found on the Mortgage Center website.