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Equal Payment (Amortized)

The monthly payment stays fixed. Early payments are mostly interest with little principal; later payments are mostly principal with little interest. Formula: Monthly Payment = Principal × [Monthly Rate × (1+Monthly Rate)^Months] ÷ [(1+Monthly Rate)^Months - 1].

Equal Principal

The principal repaid each month is the same, while interest decreases monthly, so the monthly payment declines over time. The first payment is the highest, and total interest is lower than the equal-payment method. Formula: Monthly Payment = Principal ÷ Months + (Principal - Repaid Principal) × Monthly Rate.

Frequently asked questions

Which method should I choose?

Equal payment suits stable income (same payment each month); equal principal suits strong early repayment ability and results in lower total interest.