Mortgage/Loan Repayments

Helpful functions for repaying bank loans

Principal + Interest

daily repayment on $10,000 over 6 years at 6%         | $5.45
monthly repayment on $10,000 over 6 years at 6%       | $165.73
annual repayment on $10,000 over 6 years at 6%        | $1,988.75
total repayment on $10,000 over 6 years at 6%         | $11,932.48

Interest Only

daily interest on $10,000 over 6 years at 6%          | $0.88
monthly interest on $10,000 over 6 years at 6%        | $26.84
annual interest on $10,000 over 6 years at 6%         | $322.08
total interest on $10,000 over 6 years at 6%          | $1,932.48

• For an amortizing loan, the monthly interest decreases over time as you pay off the loan's principal.

• Typically an amortization table is used for details about what you'll pay in a given month.

• The monthly interest function in Soulver indicates the average monthly interest paid over the lifetime of the loan.