Calculate monthly payments, total interest, and view detailed amortization schedules
Your monthly payment is calculated using the standard amortization formula. This ensures equal payments throughout the loan term, with the split between principal and interest changing over time.
Early payments are mostly interest. As you pay down the loan, more of each payment goes toward principal. This is called amortization - front-loaded interest is how lenders make money.
Making extra principal payments early can save thousands in interest. Even small additional payments significantly reduce your total interest and shorten your loan term.