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From the book — Chapter 3, “How a Payment Is Built.” Each month’s interest is the balance × the monthly rate; whatever’s left of your payment chips at the balance. Early on, almost all of it is interest — which is exactly why the term and any overpayment matter so much. This tool just runs that month-by-month arithmetic for you.
Educational only — not financial advice, and no lender or product is recommended. Real loans may add fees, insurance, or daily-interest rules this simple model doesn’t; always check your own paperwork. Everything you enter stays in your browser.