This is a simple calculator that shows you
the balance of your loan over the length of the loan. It also
shows you what amount of your payment is interest, and what
amount is being applied to the principal. The difference between
the payment amount and the interest amount, is the figure being
applied to the principal. As you can see, in the beginning
more of your payment is used towards paying the interest of
the loan then paying off the balance. View the Bi-Weekly calculator
to see how making payments every 4 weeks instead of every month
can save you thousands of dollars or take years off the term
of the loan. |