Loan and lease
Full amortisation, and what a flat quoted rate really costs you.
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How was the rate quoted
Monthly instalment
LKR 58,171
Total interest
LKR 990,238
Total repaid
LKR 3,490,238
Interest as % of loan
40%
Repayment schedule
| Month | Interest | Principal | Balance |
|---|---|---|---|
| 1 | LKR 29,167 | LKR 29,004 | LKR 2,470,996 |
| 2 | LKR 28,828 | LKR 29,342 | LKR 2,441,654 |
| 3 | LKR 28,486 | LKR 29,685 | LKR 2,411,969 |
| 4 | LKR 28,140 | LKR 30,031 | LKR 2,381,938 |
| 5 | LKR 27,789 | LKR 30,381 | LKR 2,351,557 |
| 6 | LKR 27,435 | LKR 30,736 | LKR 2,320,821 |
| 7 | LKR 27,076 | LKR 31,094 | LKR 2,289,727 |
| 8 | LKR 26,713 | LKR 31,457 | LKR 2,258,269 |
| 9 | LKR 26,346 | LKR 31,824 | LKR 2,226,445 |
| 10 | LKR 25,975 | LKR 32,195 | LKR 2,194,250 |
| 11 | LKR 25,600 | LKR 32,571 | LKR 2,161,679 |
| 12 | LKR 25,220 | LKR 32,951 | LKR 2,128,728 |
Early instalments are mostly interest. In month one you pay LKR 29,167 of interest against only LKR 29,004 off the balance. That flips later, which is why settling early saves far more than it looks like it should.