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Calculate monthly payments, total interest, and full amortization schedule for any loan.
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Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
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Frequently Asked Questions
Monthly payment = P x r x (1+r)^n divided by ((1+r)^n minus 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. For a $10,000 loan at 6.5% APR over 5 years, the monthly payment is approximately $195.66.
An amortization schedule shows every monthly payment broken into principal and interest portions. Early payments are mostly interest; later payments are mostly principal repayment. The outstanding balance decreases with each payment until it reaches zero at the end of the loan term.
A good personal loan rate is typically 6 to 12 percent APR for borrowers with strong credit (700+ score). Rates vary by lender, loan amount, and creditworthiness. Auto loans often run 4 to 8 percent, while mortgages are typically 3 to 7 percent.
Yes, a longer term reduces monthly payments but significantly increases total interest paid. A $20,000 loan at 8% over 3 years costs about $2,524 in total interest. The same loan over 7 years costs about $5,900 in interest, more than double.