Equal payment vs equal principal
- Equal payment: same monthly payment for the entire term, mostly interest at first, principal later. Smoother but more total interest
- Equal principal: same principal each month, interest based on remaining balance, decreasing payment. Higher initial payment but less total interest
- Equal payment: M = P × i × (1+i)^n / ((1+i)^n − 1)
- Equal principal: M = P/n + remaining × i
Tips
- Equal principal saves more if you plan early repayment
- Equal payment is better for steady budgets
- Export CSV for further analysis in Excel or Google Sheets
- Combine with separate runs for blended mortgage scenarios