Loan & Mortgage Calculator with Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|
Based on the standard amortization formula for fixed-rate loans
Monthly payment is calculated using the standard equated monthly installment formula.
The annual interest rate is divided by 12 to get the monthly rate. Each month, interest is charged on the remaining balance.
Early payments are mostly interest. Over time, a larger portion goes to principal as the outstanding balance decreases.
A down payment reduces the loan principal, lowering both monthly payments and total interest paid over the loan tenure.