Loan Repayment Calculator
Loan Information
| Loan Amount ($): | |
| Loan Term (months): | |
| Interest Rate (%): | |
| Start Date: | |
| Show Amortization: | |
| Show by: |
Repayment Summary
| Monthly Payment: | $191.01 |
| Total Interest: | $1,460.61 |
| Total Payment (Principal + Interest): | $11,460.61 |
| Pay-off Date: | May 2028 |
Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
|---|
Loan Repayment Tips & Insights
Understanding Your Amortization Schedule
An amortization schedule shows how each payment is split between principal and interest. Early in your loan, most of your payment goes toward interest. As you pay down the principal, more of each payment goes toward reducing your balance.
How to Save on Interest
Making extra principal payments can significantly reduce the total interest you pay over the life of your loan. Even small additional amounts applied to principal each month can shorten your loan term and save you money.
Fixed vs. Variable Rate Loans
Fixed-rate loans maintain the same interest rate throughout the term, providing predictable payments. Variable-rate loans may start with lower rates but can fluctuate with market conditions, potentially increasing your payments over time.