Can you use an amortization table to calculate loan payoff?

Answer by  AnnaTeague (806)

Yes. There are several good amortization tools online. You fill in relevant variables, and the amortization calculator will fill in that variable (Loan amount, interest rate, term of loan, and payment amount). Most online amortization tools will list the amount applied to both principal and interest, and you can find your payoff figure by looking at the corresponding payment number.

Answer by  Jayomac (44)

An Amortization table is a very useful tool to see how you can best payoff a loan. It shows you how your payments will be divided into principle and interest.

Answer by  sherwin (31)

yes you can use an amortization table to calculate a loan payoff you just have to compare your repayments and interest rate

Answer by  turkworker (1007)

Yes, an amortization table is used to calculate a loan payoff. An easier option is to use amortization calculator. All you have to do is plug in your numbers, ie, amount owed, interest rate, and monthly payments and it will tell you how long you have left before your loan is fulfilled.