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Monthly payment = P × r(1+r)^n / ((1+r)^n − 1). Each payment covers interest first; the remainder reduces principal. Paying even $50 extra per month on a $20,000 loan at 6% saves ~$500 in interest and pays off 10 months early. For student loans, income-driven repayment caps payments at 5–20% of discretionary income—separate calculators apply.
Fixed-rate amortizing loan; payment due at the end of each month. Does not include fees, insurance, or taxes. For planning only.