| 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. |
