Loan Payment Calculator
Calculate the payment on a fixed-rate loan at any payment frequency, with total interest and a full payment schedule
By Waqar Mushtaq · Last updated:
A loan payment calculator answers the first question about any fixed-rate loan: how much will each payment be? Enter the amount borrowed, the interest rate, and the term, and this calculator returns the fixed payment that pays the loan off exactly on time -- for personal loans, auto loans, student loans, or mortgages (principal and interest only). Unlike a basic monthly calculator, it handles weekly, biweekly, semi-monthly, monthly, quarterly, semi-annual, and annual payments, and lets you set how often interest compounds separately, since the two don't always match. You also get the total of all payments, the total interest, what an interest-only payment would be, a comparison of the same loan at every payment frequency, and the full payment-by-payment schedule.
How a Loan Payment Is Calculated
O(n) for the payment scheduleA = payment · P = loan amount · r = interest rate per payment period · n = number of payments
i = annual rate · m = compounding periods per year · p = payments per year (when m = p, r is simply i / p)
The payment formula finds the one fixed amount that, paid every period, covers that period's interest and pays the principal down to exactly zero on the last payment.
Example -- monthly payments: $100,000 at 6% for 10 years. r = 0.06 / 12 = 0.005 and n = 10 × 12 = 120, so A = 100,000 × 0.005 / (1 − 1.005⁻¹²⁰) = $1,110.21 per month.
Example -- biweekly payments, monthly compounding: the same loan paid every two weeks. r = (1 + 0.06/12)^(12/26) − 1 = 0.2305% per payment and n = 10 × 26 = 260, giving $511.71 every two weeks.
At a 0% rate the formula divides by zero, so the payment is simply P / n -- $12,000 over 36 months is $333.33 a month.
Rounding. Payments are rounded to the cent, so the final payment is adjusted by a few cents to clear the exact remaining balance. Totals here come from the actual payment-by-payment schedule, not payment × n, so they match what a lender would really collect.
Number of payments. The term is converted to payments and rounded to a whole payment: 5 years biweekly is 130 payments.
For the interest side of the same loan in more depth -- a year-by-year chart and other terms -- see the Loan Interest Calculator; for a schedule with extra-payment options, the Amortization Calculator.
Use Cases
Budgeting for a New Loan
Check what a personal, auto, or student loan will cost each month before you apply, and whether the payment fits your budget at the term you're considering.
Matching Payments to Your Paycheck
If you're paid weekly or every two weeks, see what the payment would be on that schedule. The frequency table shows the yearly outlay at each frequency side by side.
Comparing Loan Offers
Run two offers with different rates or terms and compare payment and total interest. A lower payment from a longer term usually costs more overall -- the totals make that visible.
Checking a Lender’s Numbers
Confirm the payment on a loan estimate or contract, and use the payment schedule to see how much of each payment goes to interest versus principal.
Frequently Asked Questions
How do you calculate a loan payment?
Use A = P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r is the interest rate per payment period (the annual rate divided by the number of payments per year), and n is the total number of payments. For $25,000 at 8% over 5 years: r = 0.08/12, n = 60, giving a payment of $506.91 a month.
Does paying biweekly save money?
A little, if the loan is amortized on a true biweekly schedule: each payment reduces the balance about two weeks sooner, so slightly less interest builds up. The bigger savings people talk about come from paying half the monthly payment every two weeks -- 26 half-payments is 13 full monthly payments a year, which is an extra payment, not just a different schedule. Check with your lender that extra payments go to principal.
What's the difference between payment frequency and compounding frequency?
Payment frequency is how often you pay; compounding frequency is how often unpaid interest is added to the balance in the lender's calculation. Most US consumer loans compound monthly and are paid monthly, so they match. When they differ, the rate per payment is converted with r = (1 + i/m)^(m/p) − 1 so the effective annual rate stays the same.
What is an interest-only payment?
It's the interest charged on the full balance for one period -- what you'd pay if none of the payment went to principal. It's shown for comparison: the gap between it and the full payment is how much principal your first payment pays off. Some loans, like certain HELOCs, have an interest-only period before amortizing payments begin.
Why is my last payment slightly different?
Payments are rounded to the cent, so a few cents of rounding build up over the term. The final payment is adjusted to clear the exact remaining balance, which is how lenders handle it too.
Does this include taxes, insurance, or fees?
No -- the payment covers principal and interest only. A mortgage payment often also includes property taxes and insurance, and loan fees affect the true cost of borrowing, which the APR Calculator can account for.
Methodology
The formula above is implemented as a standalone module covered by unit tests, so its worked examples are re-checked on every change to the site. It is verified against the authoritative sources listed below.
Not financial advice. This calculator is a general informational tool and cannot account for your individual circumstances. See the terms of use.
Maintained by Waqar Mushtaq. Spotted a result that looks wrong? Report it and it becomes a failing test.