Loan Payment Calculator

Calculate the payment on a personal, auto, student or business loan, compare monthly, bi-weekly and weekly payments, include fees, and see what extra payments could save.

What this loan calculator does

• Basic: loan amount, interest rate and a term of 1 to 7 years to the payment, total paid and total interest.
• Intermediate: add loan fees, choose monthly, bi-weekly or weekly payments, and pick a loan type.
• Advanced: add an extra monthly payment to see the payoff time, interest saved and months saved, with a payment schedule.

How it is calculated

The payment is the standard amortization formula: payment = loan × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the interest rate for one payment period and n is the number of payments. For weekly payments r is the annual rate ÷ 52 and for bi-weekly payments ÷ 26.

Worked examples: $20,000 at 7% over 5 years is about $396 a month, $23,761 in total and $3,761 of interest. Paid weekly, the same loan is about $91 a week, and with $500 of fees the total cost is $24,217. Paying $100 extra each month clears the loan in 47 months, 13 months early, and saves about $894 in interest.

Things to keep in mind

The “effective rate” shown when you add fees is a simple annual average of the total cost, not an official APR. Loan fees are added to the cost, not to the amount borrowed. The interest rate must be at least 0.1%. These results are estimates for general information only and are not financial, tax, investment or legal advice. Real products have fees, rules and rates that differ, so check the details with your lender, provider or a qualified adviser.

Frequently asked questions

Do bi-weekly payments save money?
Paying more often can reduce interest slightly, mostly because you make payments sooner. Check that your lender applies them as they arrive.

What counts as a loan fee?
Origination fees, application fees and similar charges. Enter their total in the fees field.

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