How is the monthly payment calculated?

We use the standard amortising-loan formula: P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate (annual rate / 12), and n is the total number of monthly payments (years × 12). Zero-interest loans degenerate to simply P / n.

Why does the early-year principal balance barely drop?

Amortising loans front-load interest. In month 1, the interest portion of your payment is calculated on the full original balance, so the principal portion is tiny. As the balance falls, the interest portion falls and the principal portion grows. This pattern is most extreme on long mortgages at higher rates.

Does an extra payment really save that much?

Yes — and the longer the term and higher the rate, the bigger the saving. Every euro of extra principal cancels future interest on that euro for the entire remaining term. €200/month extra on a €200,000 / 5% / 30y mortgage saves around €60,000 in interest and cuts ~7 years off the term.

Bi-weekly vs monthly — is there really a difference?

Yes. Bi-weekly means 26 payments a year (52 weeks / 2), which is the equivalent of 13 monthly payments. That extra payment goes entirely to principal each year. You don't have to formally switch frequency with your lender — paying 1/12th extra per month achieves the same result.

What APR should I use — the headline rate or the effective rate?

Use the nominal APR. The amortisation formula converts it to a per-period rate internally. If you only have the effective annual rate (APY / TAEG / AER) for an EU product, multiply through carefully — the per-period rate is APR/12, not APY/12.

Are property tax, insurance, and PMI included in the monthly payment?

No. We compute principal + interest only. US lenders often bundle escrow (property tax + homeowners insurance) into the monthly payment, which makes the lender's stated payment higher than what we show. PMI / MIP / mortgage protection premiums also sit outside the amortisation formula.

Why is the interest on my statement slightly different?

The most common cause is day-count convention. We assume equal monthly (or biweekly, or weekly) periods. Some lenders compute interest daily on the outstanding balance using Actual/360 or Actual/365 day-count, which produces slightly different per-payment interest figures even at the same nominal APR.

Can I use this for a credit card or a line of credit?

Not really. Revolving credit doesn't have a fixed term or a fixed payment — it compounds daily on whatever balance is outstanding. For that, the interest rate calculator is the right tool: convert the credit-card APR to the effective annual rate to see what you're actually being charged.

Is anything sent to your servers?

No. The entire calculator runs in your browser — the math is pure JavaScript and never sends your loan figures anywhere. The CSV download is also generated locally.

What is the best PDF bank statement converter?

The best converter depends on your accounting software. For QuickBooks, look for one that exports a native .qbo file (Web Connect format) — that skips column mapping entirely. For Xero, a tool that produces a Xero-template CSV with merged Money-In/Out columns will save the most time. StatementEdge handles both natively, plus Sage, Excel, CSV, and generic OFX, with automatic balance-chain reconciliation that flags any extraction error before you import.

How do I convert a PDF bank statement to QuickBooks?

The most reliable path is to convert the PDF directly into a QuickBooks Web Connect file (.qbo) instead of going through CSV. CSV import in QBO requires manual column mapping and breaks on UK/EU number formats. A .qbo file imports natively with no mapping. Upload your PDF to a converter that supports .qbo output (such as StatementEdge), download the .qbo, then in QBO go to Banking → Upload from file → File upload.

How do I convert a bank statement PDF to Excel?

Use a converter that respects your bank's locale (US, UK, EU, etc.) and emits an Excel file with ISO dates and signed amount columns. Generic OCR tools often misread comma decimals as thousands separators or split Money-In/Money-Out columns into two separate amount fields. Specialised converters like StatementEdge normalise these automatically before export.

Are PDF bank statement converters safe to use?

Safety depends on three things: where the file is processed, whether it's retained, and whether your data is used for AI training. StatementEdge processes files in the EU (Frankfurt), auto-deletes the source PDF within 1 hour by default, and uses AI providers with no-training settings enabled. Look for these guarantees on any converter you're considering — many tools store statements indefinitely and may be in jurisdictions without GDPR protection.

What's the difference between QBO, QFX, and OFX file formats?

All three are based on the Open Financial Exchange (OFX) SGML format from the late 1990s. .ofx is the generic format, accepted by GnuCash, MoneyDance, Beancount, and many open-source tools. .qfx is Quicken's flavour, identical to OFX 1.0.2 with Quicken-specific headers. .qbo is Intuit's QuickBooks Desktop and Online flavour, which adds an INTU.BID tag identifying the originating financial institution. For QuickBooks use .qbo; for Quicken use .qfx; for anything else use .ofx.

How do I convert scanned (image) bank statements?

Scanned PDFs don't have a text layer, so traditional CSV-export tools fail on them. You need a converter with vision capability — one that can read pixels, not just embedded text. StatementEdge detects scanned pages automatically and routes them through a vision model with the same balance-chain verification as digital PDFs, so you still get a reconciled output even from an image-only source.

Can I batch-convert multiple bank statements at once?

Yes. StatementEdge accepts multiple PDFs in a single drag-and-drop or file selection — each becomes its own conversion job and the results page shows per-file status with the reconciliation verdict for each. For programmatic batch processing, the REST API is available on every plan (free tier included) and exposes the same conversion endpoint.

Free tool

Loan repayment calculator — monthly payment, amortisation chart, total interest

Enter the loan amount, rate and term. We compute your per-period payment, the full year-by-year amortisation, total interest paid, and — if you can pay a little extra — how much that shortens the loan and saves in interest.

Loan amount

Annual interest rate (APR)

Term (years)

Payment frequency

Extra principal payment (monthly, optional)

€/mo

Add anything you can pay above the scheduled payment. We show the interest and time it saves.

Try:

Monthly payment

€1,073.64/mo

Total interest

€186,511.57

Total repaid

€386,511.57

Payoff time

30 yrs

Amortisation chart

Principal balance Cumulative interest

360 payments · 30 yrs total

Computed entirely in your browser. Nothing is uploaded or stored.

Runs in your browser: No upload, no signup. Your file never leaves your device.
Free and unmetered: Use it as often as you need. No daily quota, no credit card.
EU-built, GDPR-first: Hosted in Frankfurt. Built by a small EU team that takes privacy seriously.

What this calculator does

This is a standard fixed-rate, fully-amortising loan calculator. You enter the loan amount (principal), the annual interest rate (APR), and the term in years. We solve for the per-period payment that pays the loan to zero at the end of the term, then build the full amortisation schedule row by row — how much of each payment is interest, how much is principal, and what the remaining balance is after every payment.

The math is the textbook annuity formula: P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the principal, r is the per-period rate (annual rate divided by payments per year), and n is the total number of payments. We handle the zero-interest edge case ( r = 0, payment is simply principal ÷ n) so interest-free promotional loans don't crash the calculator.

Reading the result cards

Per-period payment: the fixed amount you owe at every payment date for the life of the loan. Monthly by default; bi-weekly and weekly are also supported because many North American mortgages bill that way.
Total interest: the sum of the interest column over the whole schedule — the dollar (or euro, pound, rupee, dirham) cost of borrowing, on top of the principal you actually received.
Total repaid: total interest plus principal. The aggregate amount of money that will leave your account.
Payoff time: the term in years (and months if extra payments shorten it).

Why total interest is so high on long loans

Amortising loans front-load interest. In the early years of a 30-year mortgage the interest portion of each payment dwarfs the principal portion — that's why the balance barely moves in year 1 even though you're paying every month. The amortisation chart above visualises this directly: the green line (remaining balance) is almost flat at first, then steepens. The amber band below it is cumulative interest paid — that's how much you owe the bank, on top of the principal.

A €200,000 loan at 5% over 30 years has a monthly payment of about €1,073.64. Multiply by 360 payments and you've paid €386,511 — of which €186,511 is interest. That's nearly the principal, paid again, just for the privilege of borrowing.

How much does an extra payment really save?

The “extra principal payment” field is the most impactful feature on this calculator. Even a small monthly extra — say €100 to €200 — shortens a long mortgage by years and saves five-figure sums in interest. The savings panel shows you the exact numbers: interest saved versus the no-extras baseline, and how many months earlier you finish the loan.

On the example above (€200,000 / 5% / 30y), an extra €200 per month cuts roughly 7 years off the loan and saves around €60,000 in interest. The intuition: every extra euro of principal you pay today is one less euro the bank charges you interest on for the rest of the loan. The earlier you pay it, the more interest is cancelled.

Bi-weekly payments — the “free year” trick

Many North American mortgages let you switch from monthly to bi-weekly payments. The trick: there are 26 two-week periods in a year, not 24 — so you effectively make 13 monthly payments per year instead of 12. The extra payment goes entirely to principal. Switching frequency in our calculator and keeping the same APR + term lets you see the effect concretely without changing your headline payment amount.

Limits — what this calculator does not model

Variable rates. ARMs (US), trackers (UK), and euribor-indexed mortgages (EU) all reset periodically. Use this calculator with the current rate to see the schedule that would apply if the rate stayed fixed.
Insurance, taxes, escrow. US mortgage statements usually bundle property tax and homeowners insurance into the monthly payment via an escrow account. We model interest + principal only.
Origination fees, points, MIP / PMI.Closing costs and mortgage insurance premiums sit outside the amortisation formula. Subtract them from the principal you receive — or add them to the principal you owe — depending on how they're structured.
Day-count conventions. We assume equal periods. Some lenders use Actual/360 day-count for daily interest accrual, which can change the total interest by a few percent.
Tax effects. Mortgage interest is tax-deductible in some jurisdictions (US itemised deductions, some EU countries). The total-interest figure here is pre-tax.

Reconciling against a real loan statement

If you're cross-checking a lender's actual schedule against the math here and the numbers are close but not identical, it's almost always one of the items above — most often day-count or escrow. Drop the lender's statement PDF into our main bank statement converter first to pull out the actual interest line items, then compare the cumulative interest column from our schedule against the per-payment numbers on the statement.

For analysing the cost of a credit line (not a fixed amortising loan) try the interest rate calculator instead — it's the right tool for revolving-credit / daily compounding products.

FAQ

How is the monthly payment calculated?: We use the standard amortising-loan formula: P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate (annual rate / 12), and n is the total number of monthly payments (years × 12). Zero-interest loans degenerate to simply P / n.
Why does the early-year principal balance barely drop?: Amortising loans front-load interest. In month 1, the interest portion of your payment is calculated on the full original balance, so the principal portion is tiny. As the balance falls, the interest portion falls and the principal portion grows. This pattern is most extreme on long mortgages at higher rates.
Does an extra payment really save that much?: Yes — and the longer the term and higher the rate, the bigger the saving. Every euro of extra principal cancels future interest on that euro for the entire remaining term. €200/month extra on a €200,000 / 5% / 30y mortgage saves around €60,000 in interest and cuts ~7 years off the term.
Bi-weekly vs monthly — is there really a difference?: Yes. Bi-weekly means 26 payments a year (52 weeks / 2), which is the equivalent of 13 monthly payments. That extra payment goes entirely to principal each year. You don't have to formally switch frequency with your lender — paying 1/12th extra per month achieves the same result.
What APR should I use — the headline rate or the effective rate?: Use the nominal APR. The amortisation formula converts it to a per-period rate internally. If you only have the effective annual rate (APY / TAEG / AER) for an EU product, multiply through carefully — the per-period rate is APR/12, not APY/12.
Are property tax, insurance, and PMI included in the monthly payment?: No. We compute principal + interest only. US lenders often bundle escrow (property tax + homeowners insurance) into the monthly payment, which makes the lender's stated payment higher than what we show. PMI / MIP / mortgage protection premiums also sit outside the amortisation formula.
Why is the interest on my statement slightly different?: The most common cause is day-count convention. We assume equal monthly (or biweekly, or weekly) periods. Some lenders compute interest daily on the outstanding balance using Actual/360 or Actual/365 day-count, which produces slightly different per-payment interest figures even at the same nominal APR.
Can I use this for a credit card or a line of credit?: Not really. Revolving credit doesn't have a fixed term or a fixed payment — it compounds daily on whatever balance is outstanding. For that, the interest rate calculator is the right tool: convert the credit-card APR to the effective annual rate to see what you're actually being charged.
Is anything sent to your servers?: No. The entire calculator runs in your browser — the math is pure JavaScript and never sends your loan figures anywhere. The CSV download is also generated locally.