Payment Calculator
Work out the payment on any fixed-rate loan and see the monthly, bi-weekly, and weekly equivalents side by side, plus the total you will repay over the term. Handy for auto loans, personal loans, mortgages, and student debt.
How to Use
- Enter the loan amount (principal) you are borrowing.
- Enter the annual interest rate (APR).
- Enter the term in years.
- Read the standard monthly payment, plus the bi-weekly and weekly equivalents.
- Check the total of all payments to see the true cost of borrowing over the life of the loan.
Show Work
Frequency
About the Payment Calculator
Payment Calculator is a quick, free tool for personal-finance and money decisions. It works in your browser and keeps everything on your device. Work out the payment on any fixed-rate loan and see the monthly, bi-weekly, and weekly equivalents side by side, plus the total you will repay over the term. Handy for auto loans, personal loans, mortgages, and student debt.
How it works
Enter your figures and the result appears instantly, updating the moment you change anything. There is no submit button and nothing to wait for, so it is easy to try a few what-if numbers and compare the results. Just check each box holds the kind of value it expects.
Want the deeper story? The Knowledge Base explains the ideas behind the tools in more detail.
Frequently Asked Questions
How is the loan payment calculated?
It uses the standard amortizing-loan formula: payment = P·r(1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly rate (APR ÷ 12), and n is the number of months. Every payment is the same, but early payments are mostly interest and later ones mostly principal.
Do bi-weekly payments save me money?
The bi-weekly figure shown here is simply the monthly payment split in half. A true bi-weekly schedule (26 half-payments a year) results in one extra full monthly payment annually, which does shorten the term and cut interest. The equivalents here are for budgeting and cash-flow planning rather than that accelerated strategy.
What is the difference between the interest rate and APR?
The interest rate is the cost of borrowing the principal alone. APR adds in certain fees (origination, points, some closing costs) expressed as an annual percentage, so it is equal to or higher than the note rate and is the fairer figure for comparing loan offers.
Why does the total cost exceed the loan amount by so much?
The gap is the interest you pay over the term. Longer terms and higher rates dramatically increase total interest — a 30-year loan can cost far more in interest than its principal, while a short, low-rate loan adds relatively little.
Does this include taxes, insurance, or fees?
No. This calculates principal and interest only. For a mortgage you would add property tax, homeowner's insurance, PMI, and HOA dues to get the full monthly cost — use the Mortgage Calculator for that breakdown.
How do I use the Payment Calculator?
Just type your numbers. The answer shows up right away — there is no button to press. Change anything and it updates by itself.
Does it cost anything or need an account?
No. The tool is completely free, there is no account to create, and it keeps working offline after the page first loads.
Is anything I type uploaded?
No. The tool works entirely on your device, so the values you enter never leave your browser.
Common Use Cases
Budgeting an auto loan
See the monthly payment on a car loan and confirm it fits before you sit down at the dealership.
Comparing payment frequencies
Line up monthly, bi-weekly, and weekly amounts to match your loan payment to your pay schedule.
Estimating total borrowing cost
Check how much interest a personal or student loan adds over its full term before signing.
Testing different terms
Switch a 3-year term to 5 years to weigh a lower monthly payment against higher total interest.
Quick mortgage payment estimate
Get the principal-and-interest portion of a mortgage payment to sanity-check a lender quote.
Last updated: