The capacitance of MgO based magnetic tunnel junctions (MTJs) has been observed to be magnetic field dependent. We propose an equivalent circuit for the MTJs with a parallel-leaky capacitance (Cl) across the series combination of geometric and interfacial capacitance. The analysis of junctions with different tunneling magnetoresistance values suggests higher Cl for low TMR junctions. Using Cole-Cole plots the capacitive nature of MTJs is manifested. Fitting with Maxwell-Wagner capacitance model validates the RC parallel network model for MTJs and the extracted field dependent parameters match with the experimental values.
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