See exactly how each loan payment is split between interest and paying down the balance, month by month, to the final payment. Add an extra amount each month and watch how much interest and time you save. Download the full schedule as a CSV or a PDF report.
With a fixed-rate loan you pay the same amount every month, but what that money does changes over time. At the start the balance is large, so most of the payment is interest. As the balance falls, less of each payment is interest and more of it pays down what you owe. The schedule below shows this shift month by month.
Example. A 100,000 loan at 6% over 30 years has a monthly payment of about 599.55. In the very first month about 500 is interest and only about 100 reduces the balance. By the final year almost the whole payment reduces the balance.
Because extra money goes straight to the balance, it stops interest building on that amount for the rest of the loan. Even a small extra each month can cut years off a long loan and save a large amount of interest. Try adding an extra amount above and watch the "You save" figure.
Monthly payment = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the amount borrowed, r is the monthly rate (yearly rate ÷ 12) and n is the number of payments. At a 0% rate it is simply the amount divided by the number of payments. For a quick summary without the full table, see the EMI Calculator.
It is a table showing every payment over the life of a loan: how much goes to interest, how much pays down the balance, and what you still owe afterwards. Early on, most of each payment is interest; later, most of it reduces the balance.
From the amount borrowed, the monthly interest rate and the number of payments, using the standard amortization formula. The last payment is adjusted slightly so the balance ends at exactly zero.
An extra amount each month goes straight to the balance, so less interest builds up afterwards. That shortens the loan and lowers the total interest. The calculator shows both the months saved and the interest saved.
Yes. The yearly rate is treated as a fixed nominal rate charged monthly, which is how most fixed-rate loans work. Your lender's exact schedule can differ slightly due to rounding and day counts.
The maths is the same for the monthly payment. This tool focuses on the full month-by-month schedule and extra payments; the EMI tool is a quicker summary.
A calculator gives you one answer. A cashbook shows you the whole picture: write down cash in and cash out, see where the money goes in charts and on a calendar, and share a ledger with your family, team or friends.
This takes a few seconds.
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