Estimate loan payments, total interest, and a full amortization schedule.
Each payment M = P × [r(1+r)^n] / [(1+r)^n − 1]; interest portion = balance × r, principal portion = M − interest.
A $200,000 loan at 7% for 30 years costs $1,331/month, with about $1,167 of the first payment going to interest.
A table showing how each payment splits between interest and principal over the life of the loan, and the remaining balance after each payment.
Early payments are mostly interest because the balance is largest. The principal share grows over time as the balance shrinks.
It models fixed-rate, fully amortizing loans. Adjustable-rate or interest-only loans follow different schedules.
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