Payment Calculator
Calculate loan payment amounts for any loan type.
Examples
Auto Loan
Bi-weekly Savings
Frequently Asked Questions
Why choose bi-weekly over monthly payments?
Does payment frequency affect total interest?
What happens if my rate is 0%?
Quick Tips
Double check your inputs. Ensure units match (e.g., inches vs cm).
How to Use This Calculator
Enter the loan amount, annual interest rate, loan term in years, and select how frequently you want to make payments. Click Calculate to see your payment amount, total cost, and a year-by-year amortization summary. Bi-weekly and weekly payment options help you pay off the loan faster and save on interest.
Understanding the Formula
Payment = P * r * (1 + r)^n / ((1 + r)^n - 1), where P = principal, r = periodic rate, n = total periods
Examples
Auto Loan
A $25,000 auto loan at 5.5% for 5 years with monthly payments results in $477.53/month, totaling $28,651.80 with $3,651.80 in interest.
Bi-weekly Savings
Switching from monthly to bi-weekly payments on a $25,000 loan effectively makes 13 monthly payments per year, reducing total interest paid.
Frequently Asked Questions
Why choose bi-weekly over monthly payments?
Bi-weekly payments mean you make 26 half-payments per year, which equals 13 full monthly payments instead of 12. This extra payment goes toward principal and can significantly reduce your loan term and total interest.
Does payment frequency affect total interest?
Yes. More frequent payments reduce the outstanding balance faster, meaning less interest accrues between payments. Weekly payments save the most interest, followed by bi-weekly, then monthly.
What happens if my rate is 0%?
With a 0% interest rate, your payment is simply the loan amount divided evenly across all payment periods, with no interest charges.