As a business owner, you may find yourself taking out a loan to fund your business and that’s okay! What many people don’t know is how much money they are going to be giving away just in interest alone!
I don’t know if you’ve looked at your home mortgage lately, but if you take a look at your amortization schedule, you’re going to get sick to your stomach to see how much of your money is not going toward the loan, but rather toward the interest.
This is why its essential that you look at an amortization table because not only is it going to show you how quick you can pay off your loans, its also going to give you a good idea on when you can pay your loans off. The quicker you can pay off your loans, the less you’re going to have to give to the bank.
Since crunching these numbers are going to take time if you do it on paper, I have found 4 resources that you can use online that is going to make the process a lot easier on you. Input your numbers and crunch them! By doing so, you can get monthly updates every time you send in your loan payment.
- #1 Bankrate: I like using Bankrate for most of my calculators. They have a lot of calculators that are not only simple, but get the job done. Input your loan information and they give you a handy schedule that you can print right up.
- #2 Amortization-Calc: Another simple site and I like this one because they give you simple results. On some sites, you’re going to find that they make you look at ads or the results are just weak. Simple results making it very easy for you to read.
- #3 About.com: This is another one that is simple to use. You’re going to find that most websites are going to work the same way in giving you the results. What you’re going to want to look out for are those that give you a simple layout.
- #4 MyAmortizationChart: This is probably one of my favorites. It easy to input your data, as well as see your results. Again, throw in your numbers and get an easy to read chart.
These should all get the job done for you and what you’re going to find out is that they are free, they will help you better understand your loan and hopefully with this information, you can pay them off faster so that you’re not giving that interest money to the banks!