Equal payment
A near-level monthly payment makes cash-flow planning easier. Early payments contain more interest because the outstanding balance is larger, while the principal share rises later in the schedule.
075 · BUSINESS & FINANCE
Loan Interest Calculator
Compare monthly payments, total interest, and amortization schedules for equal-payment, equal-principal, and bullet repayment.
LOCALCALCULATE IN YOUR BROWSER
LOCALYour loan values stay in this browser and are not sent to a server.
RESULT
Equal PaymentMonthly Payment₩659,956KRW
Total Interest₩58,389,377KRW
Total Repayment₩158,389,377KRW
First Payment₩659,956
Last Payment₩659,956
Formula
PMT = P × r × (1+r)^n ÷ ((1+r)^n − 1)Uses a fixed annual rate divided by 12 with month-end payments.075 · Bank fees, guarantee/insurance fees, prepayment charges, and preferential rates are not added automatically.
COMPARE
Compare 3 repayment methodsEqual PaymentFirst Payment₩659,956Total Interest₩58,389,377
Equal PrincipalFirst Payment₩833,333Total Interest₩50,208,333
Bullet PaymentFirst Payment₩416,667Total Interest₩100,000,000
SCHEDULE
Amortization Schedule| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₩659,956 | ₩243,289 | ₩416,667 | ₩99,756,711 |
| 2 | ₩659,956 | ₩244,303 | ₩415,653 | ₩99,512,408 |
| 3 | ₩659,956 | ₩245,321 | ₩414,635 | ₩99,267,087 |
| 4 | ₩659,956 | ₩246,343 | ₩413,613 | ₩99,020,745 |
| 5 | ₩659,956 | ₩247,369 | ₩412,586 | ₩98,773,375 |
| 6 | ₩659,956 | ₩248,400 | ₩411,556 | ₩98,524,975 |
| 7 | ₩659,956 | ₩249,435 | ₩410,521 | ₩98,275,540 |
| 8 | ₩659,956 | ₩250,474 | ₩409,481 | ₩98,025,066 |
| 9 | ₩659,956 | ₩251,518 | ₩408,438 | ₩97,773,548 |
| 10 | ₩659,956 | ₩252,566 | ₩407,390 | ₩97,520,982 |
| 11 | ₩659,956 | ₩253,618 | ₩406,337 | ₩97,267,364 |
| 12 | ₩659,956 | ₩254,675 | ₩405,281 | ₩97,012,689 |
| Total | ₩158,389,377 | ₩100,000,000 | ₩58,389,377 | ₩0 |
HOW TO USE
How to use
- 01
Enter the loan principal.
- 02
Enter the fixed annual interest rate.
- 03
Enter the term in months or years.
- 04
Choose Equal Payment, Equal Principal, or Bullet Payment.
- 05
Review monthly payments, total interest, total repayment, and the amortization schedule.
- 06
Compare not only monthly payment but also total interest and remaining principal across repayment methods.
LOAN GUIDE
Repayment method comparison
Even with the same principal, rate and term, payment amount and total interest change according to when principal is repaid. Compare monthly burden and total cost together.Equal principal
The same amount of principal is repaid each month and interest is added on the remaining balance. Initial payments can be higher, but principal falls faster and total interest tends to be lower under otherwise identical terms.
Bullet payment
Principal remains outstanding until maturity while periodic payments are mostly interest. The monthly burden can look low, but total interest can be higher and a large principal payment is required at the end.
One-point rate gap
Small rate differences accumulate when the principal and term are large. A monthly payment gap may look modest while the total-interest difference over the full loan can be substantial, so compare both.
Prepayment factors
Real loans can include prepayment fees, variable rates, grace periods and guarantee charges. If early repayment is likely, check the remaining fee conditions rather than relying only on the calculator’s scheduled interest.
Total cost first
Extending the term can reduce the monthly payment while increasing total interest. Compare monthly payment, total interest and total repayment together to find a range that fits your cash flow without hiding the long-term cost.
IMPORTANT NOTES
Before you rely on the result
- Equal Payment keeps the total monthly payment nearly constant while principal and interest proportions change.
- Equal Principal pays the same principal each month, so the first payment is the highest and then declines.
- Bullet Payment pays interest during the term and repays principal with the final payment.
- The fixed annual rate is divided by 12 to obtain the monthly rate.
- Display rounding is separated from internal math, and the final row is adjusted so the ending balance is zero.
- Bank fees, guarantee/insurance fees, prepayment charges, and preferential rates are excluded.
- Real loans may include prepayment fees, guarantee fees, variable rates, and other costs not reflected in this reference calculation.
FAQ
Frequently asked questions
01How do equal payment and equal principal differ?+
Equal Payment targets a constant total payment, while Equal Principal keeps the principal component constant and the total payment declines.
02How does bullet repayment work?+
You pay monthly interest during the term, then principal plus the last month’s interest in the final period.
03How is total interest calculated?+
It is the sum of interest across all rows in the amortization schedule.
04Can a few currency units remain at the end?+
The engine keeps internal precision and adjusts the final principal to the remaining balance so the final balance is zero.
05Is this the same as a bank’s total borrowing cost?+
No. Fees, guarantees, insurance, and prepayment charges are separate.