Quick Start
Open HeronTool's "Mortgage" tool. Enter loan amount, annual interest rate (e.g., 4.2%), loan term (e.g., 30 years), and repayment method (equal installment or equal principal). Click "Calculate" to instantly get monthly payment, total interest, and repayment schedule.
Tips
- Compare scenarios: Input different rates or terms to see monthly payment changes and choose the best option.
- Review schedule: The generated table shows each period's principal, interest, and remaining balance for early repayment planning.
- Adjust parameters: Modify down payment ratio or extra payments anytime to update results in real-time.
FAQ
Q: What is the difference between equal installment and equal principal?
A: Equal installment has fixed monthly payment, with higher interest portion early; equal principal has fixed principal per month, total interest is lower but early monthly payments are higher.
Q: How to estimate savings from early repayment?
A: Adjust the loan term or input extra payment amount in the tool and compare total interest.
Further Tips
Use HeronTool's "Mortgage" together with other financial tools (like savings calculator) for comprehensive planning to ensure financial health.
