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Finance Calc Kit
Loans

Payment Calculator

Calculate your periodic loan payments based on interest rate, term, and payment frequency (weekly, bi-weekly, or monthly).

Loan details

$
%

Monthly payment

$188.71

60 payments at 5.0%

Total interest

$1,322.74

11.7% of total cost

Total cost

$11,322.74

Principal plus interest

Payment breakdown

  • Principal$10,000.0088.3%
  • Interest$1,322.7411.7%

How this payment is calculated

Three steps from loan amount, rate, term, and frequency to the periodic payment.

  1. Convert the annual rate to a periodic rate

    r=5%12=0.4167%r = \frac{5\%}{12} = 0.4167\%

    Divide 5.0% by 12 payments per year.

  2. Count total repayment periods

    5 years at monthly frequency equals 60 payments.

  3. Apply the amortization formula

    A=P×r×(1+r)n(1+r)n−1A = P \times r \times \frac{(1 + r)^{n}}{(1 + r)^{n} - 1}

    P is principal, r is the periodic rate, and n is the number of payments. If the rate is zero, the payment is principal divided by n.

Payment schedule

Year-by-year totals. Open a year to see each payment.

PeriodPaymentPrincipalInterestBalance
$2,264.55$1,805.55$459.00$8,194.45
$2,264.55$1,897.93$366.62$6,296.52
$2,264.55$1,995.03$269.52$4,301.49
$2,264.55$2,097.10$167.45$2,204.39
$2,264.55$2,204.39$60.16$0.00
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How the payment calculator works

A fixed-rate installment loan requires the same payment every period until the balance reaches zero. This calculator uses the standard amortizing loan formula to compute that periodic payment for weekly, bi-weekly, semi-monthly, or monthly schedules. All math runs in your browser. Nothing is sent to a server.

Enter the loan amount, annual interest rate, loan term, and payment frequency. Results update as you type, including the periodic payment, total interest, total cost, a principal-versus-interest chart, and a full amortization schedule. For monthly installments only, the EMI calculator uses the same reducing-balance formula with a monthly focus. To compare a standard monthly mortgage against an every-two-weeks repayment strategy that adds one extra payment per year, try the biweekly mortgage calculator. If you want to model extra principal on each payment, use the loan payment calculator or the loan repayment calculator. For unsecured personal loans with origination fees and true APR, try the personal loan calculator.

Periodic payment formula

A=P×r×(1+r)n(1+r)n−1A = P \times r \times \frac{(1 + r)^{n}}{(1 + r)^{n} - 1}

P is the principal, r is the interest rate per payment period, and n is the total number of payments. Convert the annual rate to a periodic rate by dividing by the number of payments per year:

r=Annual Ratemr = \frac{\text{Annual Rate}}{m}

where m is 12 for monthly, 24 for semi-monthly, 26 for bi-weekly, or 52 for weekly payments. If the interest rate is zero, the payment is simply principal divided by the number of periods:

A=PnA = \frac{P}{n}

Worked example: $10,000 at 5% for 5 years (monthly)

A borrower takes a $10,000 loan at 5.00% annual interest, repaid over 5 years with monthly payments.

  1. Periodic rate: 5% divided by 12 equals 0.4167% per month.
  2. Number of payments: 5 years times 12 equals 60 monthly installments.
  3. Monthly payment: about $188.71 per month.
  4. Total interest: about $1,322.74 over the full term.
  5. Total cost: $11,322.74 (principal plus interest).

How payment frequency affects your loan

More frequent payments reduce the periodic rate and shorten the effective compounding interval, which generally lowers total interest compared with fewer payments over the same calendar term. A bi-weekly schedule (26 payments per year) is not the same as twice-a-month semi-monthly (24 payments per year). Each frequency changes both the installment size and the total interest paid.

Early in the schedule, most of each payment covers interest. As the balance falls, more of each installment goes to principal. The amortization table in the calculator shows this shift period by period. For a year-by-year view with extra payment modeling, see the amortization calculator.

Frequently asked questions

What payment frequencies are supported?
Weekly (52 per year), bi-weekly (26 per year), semi-monthly (24 per year), and monthly (12 per year).
How is this different from the EMI calculator?
The EMI calculator is built for monthly installments. This tool lets you switch between weekly, bi-weekly, semi-monthly, and monthly schedules while keeping the same amortization math.
Does bi-weekly always save interest?
Compared with 12 equal monthly payments over the same term, 26 bi-weekly payments usually reduce total interest because each installment is smaller and principal declines faster. Actual savings depend on your lender compounding rules.
Can I enter the term in months?
Yes. Choose months as the term unit and enter the loan length directly, such as 60 months for a five-year loan.
Are the results stored?
No. Changing the fields only updates the page URL so you can copy and share your inputs.
Which currency is used?
Amounts are formatted in US dollars (USD).

Resources and references

The formulas and methods in this calculator were checked against these independent sources.