Enrichment · Life Skills

See where every
loan payment goes.

Put in the amount, the rate and the term. The schedule shows each payment split into interest and principal, the month the loan is paid off, and how much interest an extra $25, $50 or a one-time payment would save.

Build my scheduleWhat you get
$5one-time · every device you sign in on
Buy · $5

Included with the Caveat Academy pass and Whole-school licenses. Or get it in the Life skills kit, $29 for 28 items.

The schedule builder

The worked example is made up: a $14,500 used car loan at 6.9% for five years, with $50 extra a month and $1,000 paid in December 2027. Replace every figure with the numbers on your own loan. Nothing you enter leaves this browser.

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What you get

Enrichment · Life Skills$5

What you finish with
The fixed monthly payment, every payment split into interest and principal with the balance after it, totals for each calendar year, the payoff month, the total interest and total paid, and, with extra payments, how many months and how much interest they save. A one-page summary prints and the full schedule downloads as a spreadsheet.
Who it is for
Students taking out a first car or private loan, recent graduates repaying student loans, families comparing terms, and teachers of personal finance who want a real schedule to work from.
Format
Browser tool. Works on a phone, tablet or computer; the numbers move as you type. Terms up to 40 years. Prints a summary; downloads the schedule (.csv); export and import a file.
Access
$5 one-time, yours on every device you sign in on; the tool opens once you are signed in with it. Included with the Caveat Academy pass and Whole-school licenses. Also in the Life skills kit ($29) and the Enrichment Suite pass ($119), and 1 more bundle. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Life Skills space in Caveat Enrichment.
Support
Questions, a correction or a request: team@caveatacademic.com.

How to use it

  1. Enter the amount borrowed, the interest rate on the loan agreement, the term and the month of the first payment.
  2. Read the monthly payment, the payoff month and the total interest.
  3. Open Every payment to see the interest and principal in each month and the balance after it.
  4. Add an extra amount each month or a one-time payment and see the months and interest it saves.
  5. Print the summary or download the schedule to keep beside your loan statements.

Build my schedule

How the schedule is worked out

The standard fixed-payment formula, then the loan month by month in cents.

1 The fixed paymentMonthly rate r0.575%6.9% ÷ 12Payments n605 years × 12Payment$286.43P × r ÷ (1 − (1 + r)^−n)2 Each month, interest firstInterest$83.38$14,500 × 0.575%Principal$253.05$286.43 − interest + $50New balance$14,246.95balance − principal3 Against the same loan with no extrasMonths to pay off47 instead of 60$50 a month and $1,000 in Dec 2027Interest saved$707.29$1,978.76 instead of $2,686.051 The fixed paymentMonthly rate0.575%6.9% ÷ 12Payments605 yearsPayment$286.43P × r ÷ (1 − (1 + r)^−n)2 Month 1Interest$83.38$14,500 × 0.575%Principal$253.05with $50 extra3 With the extrasPaid off in47 monthsnot 60Interest saved$707.29over the loan
The worked example: $14,500 at 6.9% for five years. The payment is $286.43; $50 extra a month and $1,000 in December 2027 pay it off in 47 months and save $707.29 of interest.

The arithmetic

The monthly rate is the yearly rate divided by 12. The fixed payment that pays the loan off in n months is P × r ÷ (1 − (1 + r)−n), rounded to the cent. Each month the interest is the balance times the monthly rate, rounded to the cent; the rest of the payment, plus any extra, goes to principal. The last payment is trimmed to what is left. Without extras, the comparison schedule uses the same steps.

What to check on your own loan

Use the interest rate on the loan agreement. The APR shown in Truth in Lending disclosures also folds in some fees, so it can be higher than the rate used for monthly interest. Lenders round and apply payments in their own ways, and some charge interest by the day, so your statement can differ by a few cents. Ask your lender to apply extra money to principal. Federal student loans have their own repayment plans; studentaid.gov has the official loan simulator.

Sources

  1. Consumer Financial Protection Bureau, consumerfinance.gov. What is amortization and how could it affect my auto loan? and What is the difference between a loan interest rate and the APR?
  2. Truth in Lending Act, Regulation Z (12 CFR Part 1026): the finance charge and the annual percentage rate in loan disclosures.
  3. Federal Student Aid, studentaid.gov. Loan Simulator and Standard Repayment Plan: fixed payments over up to 10 years for most federal loans.
  4. Kellison, S. G. (2009). The Theory of Interest (3rd ed.). McGraw-Hill: the present value of an annuity and the amortization schedule.

The worked example is made up and is not an offer of credit. The page works out the arithmetic for the figures you enter; it is not financial advice, and your loan agreement and statements govern. Your loan stays in this browser. Support: team@caveatacademic.com.