Know exactly what you still owe.
Four numbers say where your loan stands today: what you borrowed, your rate, your term, and how many payments you have already made.
Start with the loan you already have.
Enter what you borrowed, the rate you signed at, and how many payments have gone out. The balance updates as you go.
$310,119.53
98.88% of the original loan
This is the scheduled balance on the numbers you entered, not a payoff quote. Your servicer has the figure that actually settles the loan.
Talk about your equityWhat you originally borrowed, not what is left today. The balance is what this works out for you.
A starting assumption, not an offer. Your rate is priced to your file.
How many monthly payments have already gone out. Count from your first payment, not from your closing date.
Where the loan stands
- Monthly payment
- $1,982.32
- Principal paid so far
- $3,505.47
- Interest paid so far
- $20,282.41
- Paid to date
- $23,787.88
- Payments left
- 348
- Final payment due
- Aug 2055
What the payments have done
- Still owed $310,119.53
- Paid down $3,505.47
An estimate built from what you entered — not a quote or an approval.
Why the balance falls so slowly at first.
Every payment is split between interest and principal, and the split shifts toward principal a little more every month.
Interest is charged on what is left
Each month the interest is worked out on the balance you still owe, so early payments are mostly interest and only a little principal. As the balance falls, that reverses.
Every payment does more than the last
The share of a level payment that goes to principal grows every single month of the term. Nothing has to be done to make that happen — it is how the schedule is built.
Anything extra comes straight off the balance
A payment above the scheduled one reduces the principal directly, which also removes every future month of interest that principal would have carried.
A balance is a number. Equity is an option.
What you have paid off is worth something. A loan officer can tell you what that equity could do for you now.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.