Tool · Loan progress

Where did my payments go?

Enter your loan and how many payments you have made. See what reduced your balance, what went to interest, and why the early months feel slow.

Reviewed 5 September 2026 · Method: level-payment amortization · Example values are fictional

Result

$20,000.00 at 18.00% over 60 months, 12 payments made.

After 12 payments you have paid $6,094.42, and $2,710.86 of it reduced your balance. You still owe $17,289.14, about 86% of what you borrowed.

Monthly payment

$507.87

Paid so far

$6,094.42

Went to principal

$2,710.86

Went to interest

$3,383.56

Still owed

$17,289.14

Interest over full term

$10,472.11

Reduced your balanceWent to interest

PrincipalInterestPayments still ahead

Show the math

Monthly rate      r = 18% ÷ 12 = 1.5% per month
(1 + r)^n         = (1 + 0.015)^60 = 2.44322
Payment           = P × r × (1+r)^n ÷ ((1+r)^n − 1)
                  = $20,000.00 × 0.015 × 2.44322 ÷ 1.44322
                  = 507.8685 → $507.87

Month 1 interest  = balance × r = $20,000.00 × 1.5% = $300.00
Month 1 principal = payment − interest = $507.87 − $300.00 = $207.87
Each month the balance falls a little, so interest falls and the principal share rises.

After 12 payments
  paid       = 12 × payment = $6,094.42
  interest   = sum of each month's balance × r = $3,383.56
  principal  = paid − interest = $2,710.86
  still owed = $20,000.00 − $2,710.86 = $17,289.14

Rounding: the payment is kept unrounded inside the calculation and shown to the cent.
A servicing system rounds each month, which can move totals by a few cents.

Questions to ask your lender

Is this loan simple interest or precomputed interest? If it is simple interest, my balance after 12 on-time payments should be close to $17,289.14.
What is my exact payoff amount as of today, and how much interest is added per day between now and when the payoff arrives?
If I add $50 to my payment each month, is the extra applied to principal right away, and is there any prepayment penalty?
Does my payment date affect the interest charged, and would paying a few days early reduce it?

Assumptions and limits

A regular amortizing loan with a fixed rate and one payment a month, first payment one month after the money was disbursed.
Every payment was made on time and in full, with no fees, late charges or extra payments.
The lender charges interest monthly on the remaining balance. Loans that charge daily interest or use precomputed interest will differ.
Estimates only. Your lender's statement and payoff quote are the authoritative figures.

Thinking about refinancing? See whether it actually helps. Weighing new offers? Compare them on the same cash in hand.

Where did my payments go?

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