How to use
- Enter the loan amount, the annual interest rate and the term in years.
- Choose equal payments or equal principal.
- Read the monthly payment, total interest and total paid, and the comparison of both methods.
- Open the schedule by year or by month to see how each payment splits into principal and interest.
Options explained
- Equal payments
- The standard fixed-rate mortgage. Every payment is the same; early payments are mostly interest and later ones mostly principal.
- Equal principal
- Each month repays the same share of principal plus interest on what is left, so payments start higher and fall every month. Total interest is lower.
- Interest rate
- The nominal annual rate. The monthly rate used is the annual rate divided by 12, as for standard mortgages and consumer loans.
Examples
| Loan | Rate | Term | Monthly payment | Total interest |
|---|---|---|---|---|
| 300,000 | 6.5% | 30 years | 1,896.20 | 382,633 |
| 1,000,000 | 4.9% | 30 years | 5,307.27 | 910,616 |
Frequently asked questions
Does the payment include taxes and insurance?
No. It covers principal and interest only. Property tax, home insurance, mortgage insurance and fees are extra.
Why is equal principal cheaper overall?
You repay principal faster at the start, so interest is charged on a smaller balance. The price is higher payments in the first years.
How accurate is the schedule?
Figures are calculated to the cent without intermediate rounding. Your lender may round each payment and adjust the last one, so small differences of a few cents are normal.
Privacy
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