Loan calculator
Estimate the monthly payment on a car, personal or student loan, the total interest over its life, and how much sooner it ends if you pay a little extra each month.
- Paid off in
- 4 years, 1 month
- Total interest
$3,763$3,763 - Total paid
$28,763$28,763 - Interest saved
$939$939 - Time saved
- 11 months
- Balance
- Balance without extra payments
Estimates, rounded for display. Rates, taxes and fees change; check the figures that matter against your own statements.
The math behind the result
A fixed-rate loan is repaid in equal monthly payments. Each payment covers one month of interest on the remaining balance, and whatever is left reduces the balance. Early payments are mostly interest and late ones mostly principal, because the balance they are charged on has shrunk.
The payment is sized so the balance reaches zero exactly at the end of the term. Divide the annual rate by 12 for the monthly rate, then apply the standard amortization formula. The calculator rounds the payment to the cent and runs the schedule month by month, so the totals match what a statement would show.
An extra payment goes entirely to principal, which shrinks every later interest charge. That is why a modest extra amount removes months from the end of the loan and saves more than its own total.
payment = P × r ÷ (1 − (1 + r)^−n) P = amount borrowed · r = annual rate ÷ 12 · n = number of monthly payments
Questions, answered.
Connect the account the payments come from and Zypper finds the loan payment among your recurring bills, with its next expected date and amount. Connect the loan itself, or add it as a manual account, and its falling balance counts toward your net worth.