Calculate repayments, total interest, and full amortisation for any personal or car loan.
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 1 year | $2,168.94 | $1,027 | $26,027 |
| 2 years | $1,124.99 | $2,000 | $27,000 |
| 3 years | $777.66 | $2,996 | $27,996 |
| 4 years | $604.47 | $4,015 | $29,015 |
| 5 years | $500.95 | $5,057 | $30,057 |
| 7 years | $383.46 | $7,210 | $32,210 |
| 10 years | $296.75 | $10,611 | $35,611 |
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $500.95 | $344.70 | $156.25 | $24,655 |
| 2 | $500.95 | $346.85 | $154.10 | $24,308 |
| 3 | $500.95 | $349.02 | $151.93 | $23,959 |
| 58 | $500.95 | $491.67 | $9.28 | $993 |
| 59 | $500.95 | $494.75 | $6.20 | $498 |
| 60 | $500.95 | $497.84 | $3.11 | $0 |
Loan repayments use a standard amortisation formula. Each repayment covers the interest accrued since your last payment, with the remainder reducing your principal. Early repayments are mostly interest; later repayments are mostly principal.
The formula is: P = L × r / (1 − (1+r)^-n), where L is the loan amount, r is the periodic interest rate, and n is the total number of repayments.
Making extra repayments early in the loan has a disproportionately large impact — because it reduces the principal balance that interest is calculated on, saving you compound interest over the remaining term.