Calculate monthly payments, total interest, and full amortization schedule.
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details above | ||||
Monthly payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments.
An amortization schedule shows every payment broken into principal and interest. Early payments are mostly interest; later payments are mostly principal. This is why paying extra early saves significantly on interest.
Make extra payments toward principal, refinance to a lower rate, choose a shorter term, or make biweekly instead of monthly payments. Even small extra payments significantly reduce total interest over time.