Loan calculator
Find the regular payment on a fixed-rate loan, such as a personal or student loan, and see what it costs in interest. It handles monthly, biweekly and weekly payment plans.
- Runs in your browser
- Free, no account needed
- Copy or download the result
Result
Example
Loan amount: 25000 APR: 7.5 Loan term: 5 Term unit: Years Payment frequency: Monthly (12 per year)
Monthly payment: $500.95 Number of payments: 60 Final payment: $500.91 Total paid: $30,056.96 Total interest: $5,056.96 Loan amount: $25,000.00 Estimate for a fixed-rate loan with no fees. Interest is rounded to the cent each period and the final payment covers the remainder.
How to use the loan calculator
- Enter the Loan amount and the APR.
- Enter the Loan term as a whole number and set Term unit to Years or Months.
- Choose a Payment frequency, then press Run.
- Press Copy result to save the payment and totals.
How it works
The payment is the standard level payment for an amortizing loan, using a rate per period of APR divided by the payments per year.
Biweekly means 26 payments a year and weekly means 52; the number of payments is the term in months times payments per year divided by 12, rounded.
Interest is rounded to the cent each period and the final payment covers the remainder, so the final payment can differ by a few cents.
APR must be 0% to 100% and the term 1 to 50 years or 1 to 600 months. Fees are not included.
Everything runs in your browser. Your input is not uploaded or stored.
Questions and answers
How do I calculate a loan payment?
Payment = loan amount x r / (1 - (1 + r)^-n), where r is the rate per period and n is the number of payments. At 0% the payment is the amount divided by n.
Does paying biweekly save interest?
A loan with 26 payments a year pays slightly less interest than a monthly loan of the same term because the balance falls sooner. Compare both frequencies with this tool.
Is the APR here the same as the interest rate?
The tool treats the APR as the yearly interest rate. If your lender's APR includes fees, the payment here may differ from the quote.