When home loans are taken,and the mortgage may be over a long period, the borrower need not wait so long to reply and do so when he/she has sufficient funds and not wait till the period of mortgage to come bay for the full and final payment. Here you can also refinance the loan; you can work out this if you want to still keep the investment for a longer term. Then there are personal loans that you might want to borrow, which also can be taken for a couple or a little more years and they can also be paid back installment basis,and you can chart out an amortization table for it too. You can opt for fixed monthly payments with a fixed rate of interest. You can now check the amortization schedule calculator .
How it works
The loans that you cannot claim amortization are as below
- Credit cards
- Interest only loans
- Balloon loans
When you start regularly borrowing on the same card, you have the choice of the amount you want to pay back each time, though there is a minimum amount you would have to pay or get penalized. This will not be there for amortization loan plans. These come under revolving debt. The interest-only loans can’t