Question 1

How do I calculate loan payments?

Accepted Answer

We use the standard annuity formula: Payment = P × r / (1 − (1 + r)⁻ⁿ), where P = principal, r = period rate, n = number of payments.

Question 2

What is a loan amortization schedule?

Accepted Answer

A table that shows each payment split into principal and interest and how the balance declines over time.

Question 3

How can extra payments save interest?

Accepted Answer

Extra payments reduce principal sooner, lowering interest charged and shortening the payoff time.

Question 4

What is a loan payoff calculator?

Accepted Answer

A tool that estimates when you’ll be debt-free and how much interest you’ll pay, with or without extra payments.

Question 5

Does this work for mortgages, auto loans, and personal loans?

Accepted Answer

Yes—enter the amount, APR, and term for any installment loan type.

Loan Calculator with Amortization & Extra Payments

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