Question 1

What loan types does this cover?

Accepted Answer

Any amortising loan — mortgages, car loans, personal loans, student loans. Enter the principal, interest rate, and term to get your monthly payment.

Question 2

What is an amortising loan?

Accepted Answer

An amortising loan has equal monthly payments where each payment covers both interest and a portion of the principal. Early payments are mostly interest; later payments are mostly principal.

Question 3

How can I reduce total interest paid?

Accepted Answer

Make extra payments toward the principal, refinance to a lower rate, or choose a shorter loan term. Even one extra payment per year can save thousands.

Question 4

Why is the total interest so high?

Accepted Answer

Interest compounds monthly over the loan term. A 30-year mortgage at 6% can cost nearly double the original loan amount in total repayments.