| Month | Balance ($) | Payment ($) | Interest ($) | Total Interest ($) | Total Paid ($) |
|---|---|---|---|---|---|
| Starting Value | $10000.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Month 1 | $9185.59 | $856.07 | $41.67 | $41.67 | $856.07 |
| Month 2 | $8367.79 | $856.07 | $38.27 | $79.94 | $1712.15 |
| Month 3 | $7546.58 | $856.07 | $34.87 | $114.81 | $2568.22 |
| Month 4 | $6721.95 | $856.07 | $31.44 | $146.25 | $3424.30 |
| Month 5 | $5893.88 | $856.07 | $28.01 | $174.26 | $4280.37 |
| Month 6 | $5062.37 | $856.07 | $24.56 | $198.82 | $5136.45 |
| Month 7 | $4227.39 | $856.07 | $21.09 | $219.91 | $5992.52 |
| Month 8 | $3388.92 | $856.07 | $17.61 | $237.52 | $6848.60 |
| Month 9 | $2546.97 | $856.07 | $14.12 | $251.64 | $7704.67 |
| Month 10 | $1701.51 | $856.07 | $10.61 | $262.25 | $8560.75 |
| Month 11 | $852.52 | $856.07 | $7.09 | $269.34 | $9416.82 |
| Month 12 | $0.00 | $856.07 | $3.55 | $272.89 | $10272.90 |
Loan repayment involves making regular payments to pay down a loan balance, including both principal and interest. The amount of each payment, payment frequency, interest rate, and compounding frequency all influence how quickly your loan is paid off and how much interest you pay.
Use this calculator to visualize your loan payoff schedule, compare payment strategies, and understand the true cost of borrowing. Adjust your payment amount or frequency to see how you can pay off your loan faster and save on interest.
Loan interest is typically calculated using amortization formulas that factor in the principal amount, interest rate, and loan term.
Yes, paying off your loan early can reduce the total interest paid. Use the calculator to compare early repayment scenarios.
The principal is the original loan amount. Interest is the cost charged by the lender to borrow that money.