FyrgoWhy do the amounts in the amortization schedule differ slightly from my bank's schedule?
The app rounds the periodic interest rate to 6 decimal places, while your bank may use a different precision. This can result in ±1 cent of interest difference on some months.
Over the full loan term, this can accumulate to a small difference — typically a few cents, but for loans with rate changes it can be a few euros. If your bank's exact periodic rate is known, you can enter it in the periodic rate field on the loan form to reduce this difference.
The actual schedule uses your recorded values from the monthly input screen for filled-in months, so it matches your bank's data. This is why the actual schedule is shown by default.
Why does the first payment differ from later payments?
Interest only accrues on the days you actually have the borrowed money. When the disbursement date and the first payment date are not exactly one payment period apart, the interest portion of the first payment is different — higher when the gap is longer than a normal period, lower when it's shorter.
For an annuity loan the total payment stays the same but the split between capital and interest is adjusted for the first payment. For a linear loan the capital portion stays fixed and the total payment varies.
The app computes this automatically from the disbursement date and the first payment date you enter on the loan form.
How do extra payments affect my loan?
Extra payments go entirely towards capital repayment, reducing your outstanding debt. This means less interest is charged in subsequent months.
You can choose the effect:
- Shorter duration: the monthly payment stays the same and the loan ends earlier.
- Lower payment: the monthly payment is recalculated based on the remaining debt, keeping the original end date.
You can see the effect in the amortization schedule by selecting a view that includes extra payments.