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Loan Calculator

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MonthPaymentPrincipalInterestRemaining balance

How loan repayments are calculated

Most loans — mortgages, auto loans, personal loans — use equal monthly payments calculated with the standard amortization formula. Each payment covers that month's interest first; whatever is left over reduces the principal.

Early in the loan, most of each payment goes to interest because the balance is still high. As the balance shrinks, more of each fixed payment goes toward principal — which is why the last few years of a loan pay it down far faster than the first few.