Loan Details
$
%
$
Optional: Pay extra to save on interest
Monthly Payment
$0
Principal & Interest
Total Interest
$0
Total Amount
$0
Extra Payment Savings
Interest Saved
$0
Time Saved
0 months
New Payoff Date
-
Payment Breakdown
Amortization Schedule
| Year | Principal | Interest | Balance |
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How Loan Payments Work
Each loan payment is split between principal (the amount you borrowed) and interest (the cost of borrowing). Early in the loan, most of your payment goes to interest. Over time, more goes toward principal.
The Monthly Payment Formula
M = P × [r(1+r)n] / [(1+r)n - 1]
Where: M = Monthly payment, P = Principal, r = Monthly rate, n = Number of payments
The Power of Extra Payments
Making extra payments directly reduces your principal, which means less interest over the life of the loan. Even small extra payments can save tens of thousands of dollars and years off your mortgage.