Loan Calculator
Estimate your monthly payments and interest costs.
Monthly Payment
Total Interest: $0.00
Total Payment: $0.00
Amortization Schedule
| Year | Month | Principal Paid | Interest Paid | Remaining Balance |
|---|
How Amortization Works
Amortization pays off a debt over time with equal payments. The breakdown of each payment changes over the loan term:
- Early Years: Most of your payment goes toward INTEREST.
- Later Years: Most of your payment goes toward PRINCIPAL.
This is why making extra principal payments early in the loan term saves you the most money.
Loan FAQ
What happens if I pay extra/principal?
Paying extra directly towards the principal reduces the loan balance faster. This lowers the total interest paid over the life of the loan and can help you pay off the debt years earlier.
What is the difference between APR and Interest Rate?
The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate PLUS other costs like broker fees, discount points, and closing costs, giving you a more complete picture of the loan's cost.
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