The amortization tables are the basic tool to know how much we will pay for the mortgage month to month until the debt is paid off. In HelpMyCash we advise you to ask the banks before signing a loan of this caliber since it is the way to know exactly how much we are going to pay each month and how much of that fee will be interest.
The amortization table
In an amortization table it is broken down:
- The fee agreed with the bank
- The interest paid each month, since at the beginning of the mortgage the percentage is higher than the amortized capital . In this way the bank makes sure that in case we cancel the loan before the majority of interest will have been charged. The interest payable each month is calculated based on the outstanding debt that remains each month, hence decreasing
- The amortized capital of the debt. Each month the percentage is higher
- The outstanding debt of the loan
The amortization tables arise as a result of the French system, which is the one in which personal loans are usually governed in Spain. These consist in calculating the quota in such a way that it is kept constant month by month. Of course, in the case of mortgages, the fee depends on the current value of the Euribor or another index, so it is reviewed every 6 or 12 months depending on the entity.
In HelpMyCash we want to provide the accounts to our clients and we make available to you free of charge the amortization chart calculator . The only thing that must be done is to fill in the form data and in a few minutes we will send the amortization tables to the user.
Author: Teresa Belaire
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