Loans
Loan Calculator
Estimate your payment, total interest, and payoff date for a standard fixed-rate loan — personal, consumer, small business, or any other regular-installment loan. Choose monthly, biweekly, or weekly payments.
Full breakdown
Amortization schedule
Every payment from your first period to payoff, showing how much goes to interest vs. principal.
How this calculator works
This calculator uses the standard fixed-rate amortization formula to find a level payment that pays off your loan exactly by the end of its term. Each payment covers the interest accrued since the last payment, with the remainder reducing your principal balance. Changing the payment frequency changes both the periodic interest rate and the number of payments — more on that below.
The formula
Where:
- M — payment amount for the selected frequency
- P — loan principal
- r — periodic interest rate (annual rate ÷ payments per year)
- n — total number of payments
If your rate is 0%, the formula above isn't used — the loan amount is simply divided evenly across every payment.
Monthly vs. biweekly vs. weekly payments
Monthly payments use 12 payments per year, biweekly uses 26, and weekly uses 52. The periodic interest rate is always your annual rate divided by that count, and the number of payments scales the same way — a 10-year loan is 120 monthly payments, 260 biweekly payments, or 520 weekly payments. More frequent payments mean interest has less time to accrue on your balance between payments, which can modestly reduce total interest even without paying extra.
Example calculation
$100,000 loan, 6% rate, 10-year term, monthly payments
- Loan amount (P)
- $100,000
- Periodic rate (r)
- 0.5%
- Number of payments (n)
- 120
- Payment (M)
- $1,110.21
What affects your loan payment?
A larger loan means a larger payment for the same rate and term.
Even a small rate change compounds meaningfully over a multi-year term.
A longer term lowers each payment but increases total interest paid.
More frequent payments modestly reduce total interest by paying down principal sooner.
Understanding loan fees
An origination or loan fee is a one-time cost some lenders charge to issue a loan. This calculator adds any fee you enter directly to your total borrowing cost — it does not increase your loan principal, change your periodic payment, or affect the interest calculation. If your lender actually rolls the fee into your loan balance instead of charging it upfront, add it to your loan amount instead of entering it here.
How extra payments affect a loan
Extra payments — whether a recurring amount each period or a one-time lump sum — are applied entirely to your principal balance. Because future interest is always calculated on your remaining balance, paying down principal faster reduces both your total interest and your payoff date, without changing your required periodic payment.
Frequently asked questions
How is a loan payment calculated?
This calculator uses the standard fixed-rate amortization formula: your periodic interest rate (annual rate divided by the number of payments per year) and total number of payments determine a level payment that pays off the loan exactly by the end of its term.
Does a longer loan term reduce the payment?
Yes. Spreading the same loan amount over more payments lowers each individual payment, but you'll pay more total interest over the life of the loan since the balance stays higher for longer.
What happens if I make extra payments?
Extra payments go entirely toward your principal balance, so they shorten your payoff date and reduce your total interest without changing your required periodic payment. Advanced Options shows the new payoff date and interest saved once you add one.
Is APR the same as interest rate?
Not exactly. The interest rate reflects only the cost of borrowing the principal. APR can include certain fees and costs, which is why it's often slightly higher. This calculator uses the interest rate for the amortization math and shows any loan fee as a separate line in your total borrowing cost.
Can I use this calculator for personal loans or auto loans?
Yes. This calculator works for any standard fixed-rate installment loan with regular payments — personal loans, general consumer loans, small business loans, and auto loans all follow the same amortization math.
Does this include loan fees?
If you enter a loan or origination fee in Advanced Options, it's added to your total borrowing cost as a separate line item. It is not financed into the loan itself — it doesn't change your principal, periodic payment, or interest calculation, only your total cost of borrowing.
Why does more frequent payment change the schedule?
Paying biweekly or weekly means more, smaller payments are applied to your balance more often, so slightly less interest accrues between payments compared to monthly. Over a full loan term this can meaningfully reduce total interest, even without paying extra.
Related calculators
This calculator is for educational purposes only and does not constitute financial, tax, or legal advice, or a loan offer. Actual rates, terms, fees, and payments are set by individual lenders and may depend on factors this calculator does not account for, including creditworthiness and loan program.