The difference between just interest and paying your mortgage is simple: with the mortgage calculator, you pay back a portion of your principal every month and your loan balance decreases more and more. With the simple interest calculator, only interest is paid. The loan amount stays the same forever. Nothing changes over time, so we didn't include a field that would specify the length of the loan.
What is 6% interest on a $30000 loan?
The difference between just interest and paying your mortgage is simple: with the mortgage calculator, you pay back a portion of your principal every month and your loan balance decreases more and more. With the simple interest calculator, only interest is paid.
Gudrun Grundmanns03/04/20230 minutes 20, seconds read

Gudrun Grundmanns
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