Month 1, no extra principal
$88.85
$10.00
See each payment’s interest, principal and remaining balance
Enter principal, a fixed nominal annual interest rate and a monthly term. The tool shows a complete reducing-balance schedule, not just a monthly payment with the remaining debt hidden.
Bottom Dollar Payday is not the lender. These tools help you compare and prepare; they do not submit a loan application or promise approval. Availability and any offer come from the actual provider.
Month 12, final adjustment
$88.84
$0.88
Local worksheet
Fixed-rate monthly repayment schedule
Enter the nominal interest rate, not an APR inclusive of fees. The result includes every monthly balance and a final payoff adjustment.
Enter 0 where applicable. Use a decimal point and no commas. No data is sent.
Result
Method and limits
Fixed-rate, monthly reducing-balance illustration. Monthly rate = nominal annual rate ÷ 12. The annuity formula gives the regular payment, rounded to cents; each month’s interest is rounded to cents on the opening balance. Extra payments reduce principal after interest. The final payment clears the remaining balance and may differ by cents. A withheld fee reduces proceeds, not the debt. Not a legal APR, daily-interest, precomputed-interest, balloon or irregular-date schedule.
Start with your situation
Does the interest method match this model?
This worksheet assumes regular monthly periods and fixed-rate interest calculated on the declining balance.
My agreement uses a fixed nominal rate and monthly payments
Enter the debt principal before any withheld fee, the nominal annual interest rate, months, withheld fee and extra monthly principal. Use zero in the fee or extra-payment field when appropriate.
I only have an APR inclusive of fees
The loan uses daily interest, precomputed interest or a balloon
Get the creditor’s applicable schedule. This calculator does not model those agreements, irregular first periods, changing rates or different payment frequencies.
Read the schedule as a balance ledger
Each row starts with the balance still owed, adds one month’s interest and applies the payment. The principal portion reduces the balance. A payment may contain mostly interest at one point and a larger principal portion later, even while the regular payment stays the same.
| Example row: $1,000 at 12% nominal over 12 months | Payment | Interest | Principal paid | Closing balance |
|---|---|---|---|---|
| Month 1, no extra principal | $88.85 | $10.00 | $78.85 | $921.15 |
| Month 12, final adjustment | $88.84 | $0.88 | $87.96 | $0.00 |
On a narrow screen, scroll inside the table to see every column.
This is a constructed example, not a quoted product rate. The final payment differs by one cent because the monthly amounts are rounded. The full example pays $1,066.19, including $66.19 of interest.
Use the nominal rate and the principal actually owed
The fixed monthly formula uses r = nominal annual rate / 12 and a level payment of P × r / (1 − (1 + r)^−n), with the percentage first converted to a decimal. At zero interest, the unrounded payment is P/n. The engine rounds monetary amounts to cents and clears the last balance explicitly.
A withheld fee changes cash received, not the principal used in this schedule. If the debt is $1,000 and $50 is withheld, net cash is $950 while the debt still begins at $1,000. Do not enter $950 as principal and also subtract the fee. Fees can change the full cost beyond interest. [R06]
Test extra principal without assuming every contract allows it
In this model, an extra amount is applied each month after that month’s interest. It can shorten the term and reduce interest. In a real agreement, first ask about payment allocation, restrictions and any prepayment conditions. [R06]
| Scenario: $1,000 principal, 12% nominal, $50 withheld | Regular payment | Extra monthly principal | Months | Total repayments | Cash cost above $950 received |
|---|---|---|---|---|---|
| Original 12-month schedule | $88.85 | $0 | 12 | $1,066.19 | $116.19 |
| Add $50 each month | $88.85 | $50 | 8 | $1,043.20 | $93.20 |
On a narrow screen, scroll inside the table to see every column.
The second example’s last payment is $71.25, not another full $138.85. The engine stops when the debt is cleared rather than generating a negative balance.
Keep calculated timing separate from calendar dates
Month 1, month 2 and so on are equal modeled periods; they are not actual calendar due dates. This tool does not decide whether a bank holiday changes your payment date, how many daily-interest days fall between transactions or when a servicer posts a payment.
Obtain the actual payment dates and compare them with income and essential bills. The calculation shows a debt schedule; it is not a complete household budget or proof that a payment is affordable.
Know the unsupported structures before using the output
Do not apply this table to precomputed interest, variable rates, interest-only periods, deferred interest, a required balloon or irregular installments. It also excludes late fees, taxes, optional insurance and other charges not represented by the single withheld-fee input.
The calculated cash cost is interest plus that withheld fee. It is not the legal APR. Regulation Z has its own amount-and-timing framework; a monthly illustration does not replace a creditor’s required disclosure. [R33]
Compare the lender’s schedule and resolve differences
Match principal, nominal rate, payment frequency, term and fees before comparing the lender’s table with this one. Small rounding differences can occur, while a material mismatch may indicate a different interest method or missing charge.
Ask the creditor for a current payoff amount before an early final payment. Use the offer-comparison calculator to compare complete cash flows and the cost calculator for a genuinely single-payment loan. The entries here stay in this browser and do not change any account. [R15]
Questions before your next step
Should I enter the deposited amount as principal?
Only if it is also the actual debt principal. A withheld fee can make the deposit smaller than the debt; enter those values separately. [R06]
Why is the last payment not exactly the regular payment?
Rounding to cents and early payoff can leave a different final balance. The last row pays only the remaining balance and its modeled interest.
Does the extra-payment result guarantee savings on my contract?
No. It shows the effect within this fixed-rate reducing-balance model. Confirm actual allocation, interest method and prepayment terms with the creditor. [R06]
Related decisions
Ready for your next step?
Continue to the online application. Review the terms of any offer before you accept.
Sources and scope
Sources support general product facts, not a Bottom Dollar lender offer or endorsement. Numerical scenarios are illustrations, not available rates or terms.
