Loan Terms
Two views of the same money: what one loan does year by year, and how two or three quotes compare once they are on one footing. Model the winner in the Projections Builder.
One Loan, Year by Year
A payment is one number; the schedule is what the loan actually does. Early years pay mostly interest, later years mostly principal, and the balance line is what a refinance, a sale, or a bad year gets measured against.
Monthly Payment
$12,668
Total Interest
$520,109
Over 10 years
All Payments
$1,520,109
| 1 | $87,377 | $64,634 | $935,366 | $64,634 |
| 2 | $81,314 | $70,697 | $864,669 | $135,331 |
| 3 | $74,682 | $77,329 | $787,340 | $212,660 |
| 4 | $67,428 | $84,583 | $702,757 | $297,243 |
| 5 | $59,494 | $92,517 | $610,240 | $389,760 |
| 6 | $50,815 | $101,196 | $509,044 | $490,956 |
| 7 | $41,322 | $110,689 | $398,355 | $601,645 |
| 8 | $30,939 | $121,072 | $277,282 | $722,718 |
| 9 | $19,581 | $132,430 | $144,853 | $855,147 |
| 10 | $7,158 | $144,853 | $0 | $1,000,000 |
Inputs travel in this page's address, so a scenario can be shared by copying the URL. Variable-rate 7(a) loans reprice with prime; this schedule holds the rate constant, so treat later years as illustrative.
Two or Three Quotes, Compared
Lenders in this market rarely publish rates, so quotes are the only numbers you get, and they disagree in rate, term, and fees at once. Put them on one footing to see which is actually cheaper and which leaves the most coverage. Shortlist who to ask with Lender Match.
Quote A
- Monthly payment
- $18,216
- Total interest
- $835,947
- All-in cost
- $880,947
- Cost per dollar borrowed
- $0.653
- Coverage after salary
- 1.83
Quote B
- Monthly payment
- $17,840
- Total interest
- $790,842
- All-in cost
- $850,842
- Cost per dollar borrowed
- $0.630
- Coverage after salary
- 1.87
Cheapest Money
Quote B
Lowest cost per dollar borrowed, interest plus fees over the life of the loan; check the coverage line before choosing on cost alone