Finance
Calculator for loan repayment
Estimate monthly loan payments, all the interest and total money wey you go repay at once.
Add to workspaceYour numbers
Result dey update as you type; no Calculate button dey. All calculation dey run inside your browser.
Payment every month
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Summary
| Amount | |
|---|---|
| Monthly payment for the original schedule | — |
| All interest for the original schedule | — |
| All money paid for the original schedule | — |
| Interest wey extra payments save | — |
Compare principal with interest
The bars dey use the full scheduled payment as their scale. Early payments mostly na interest; the principal share dey grow as the balance reduce.
Total loan repayment as the original schedule dey progress
| After | Interest wey you don pay | Principal wey you don pay | Balance wey remain |
|---|
The amortization table dey use only scheduled payment. Extra payments dey inside the payoff figures above, no be inside this table.
Formula
Monthly rate = annual rate ÷ 12. Monthly payment = principal × monthly rate × (1 + monthly rate)payments ÷ [(1 + monthly rate)payments − 1]. Total interest = payment × payments − principal. If rate na 0%, payment na principal ÷ payments.
Example wey show the calculation
Principal na $300,000 at 6.5% for 30 years (360 payments): monthly payment na $1,896.20, total interest na $382,633.47, total paid na $682,633.47. For the first year, $19,401.27 go to interest and $3,353.18 go to principal, leaving $296,646.82.
Where e fit work and limits
Rate remain fixed, no fees, tax or insurance, and you pay on time every month. We no model variable rates, balloon payments, prepayment penalties or payment holidays. Extra payments dey reduce principal for the month wey you pay dem.
Questions wey people dey ask often
Why interest for the first year dey so high?
We dey charge interest on the full balance, so early payments mostly na interest. As balance reduce, the same payment go cover more principal.
Extra payments really dey save that much?
Yes, because every extra dollar dey reduce the balance wey future interest go apply to. The savings dey build for the rest of the loan term.
Wetin go happen if rate na 0%?
Payment na simply principal divided by number of payments, and total interest na $0.
This one na the same as mortgage payment?
Only the principal-and-interest part. Mortgage bill usually add tax, insurance and sometimes PMI and HOA; the mortgage calculator dey cover those ones.
Wetin if I miss one payment?
We no model am here. Missed or late payments usually add fees and interest and push the payoff date further.
Other tools wey relate to dis
- Calculator for mortgage repayment — add tax, insurance, PMI and HOA
- Calculator for early loan repayment — time to clear the loan with extra principal
- Calculator for refinancing — compare this loan with a new one
Results na estimates; dem no replace advice from qualified professional.