A loan you already have

A statement shows a balance, not the story behind it. These tools show where your payments went and what it really takes to pay the loan off.

Where did my payments go?

How much a year of payments actually cut your balance, and why early payments feel slow.

In our example

86%

of a $20,000 loan at 18% is still owed after a full year of payments.

Why your payoff is not your balance, and what the Rule of 78s costs you.

In our example

$316.64

more to pay off a $15,000 precomputed loan after 18 payments under the Rule of 78s than under simple interest.

What the new cash from renewing an installment loan really costs, against borrowing it separately.

In our example

$866.24

of interest to get $500 by renewing a $4,000 precomputed loan. Borrowing the $500 on its own would cost $232.69.

Reviewed 24 September 2026 · Corrections

Other situations