π΅ Payment Calculator
Your periodic payment for any loan, at any payment frequency.
Payment per Period
Estimates for planning only, not financial advice.
How to Use This Calculator
This calculator solves for the periodic payment on any loan and lets you compare payment frequencies. Enter the loan amount, APR, and term, pick how often you pay, and optionally add an extra amount per period to see the early-payoff effect.
Enter the Loan Amount, APR, and Term in years, the same three numbers every loan quote is built from.
Pick the Payment Frequency: monthly, semi-monthly, biweekly (26 payments a year), or weekly. Watch how the per-period payment and total interest change.
Optionally add an Extra Payment per period. This shows the new payoff date and total interest saved, which is the real prize of paying early.
Compare frequencies before you commit. A true biweekly schedule is one of the cheapest "hacks" in personal finance because it sneaks in an extra monthly payment per year.
The Payment Formula at Any Frequency
The formula does not care whether you pay monthly or weekly; it only needs the rate per period and the number of periods. A 6 percent APR paid monthly uses r = 0.005 and n = 360, while the same loan paid biweekly uses r = 0.06 / 26 = 0.002308 and n = 780. Because interest accrues a little less between more frequent payments, higher frequencies shave a small amount off total interest even before the extra-payment effect kicks in.
Worked Example
$100,000 loan, 6 percent APR, 30-year term. Monthly (12/yr): r = 0.005, n = 360, payment = $599.55, total interest = $115,838. Biweekly (26/yr): r = 0.002308, n = 780, payment = $276.58, total interest = $115,734.74. The frequency alone saves only about $103, because the payment is recalculated to amortize in the same 30 years. The popular accelerated-biweekly trick is different: pay half the monthly amount ($299.78) every two weeks, which is 13 monthly payments a year. That pays the loan off in 24.5 years and saves about $24,800 in interest. Weekly (52/yr): payment = about $138.26. Same loan, same rate, but the schedule you choose decides the lifetime cost.
Loan vs Lease: A Payment Comparison Note
When a dealer quotes a lease payment far below the loan payment, the math is not magic. A lease charges you for the depreciation during the lease term plus a rent charge on the average balance, while a loan amortizes the entire price. On a $30,000 car with a 50 percent residual over 3 years at 5 percent, the lease payment is about $510 a month versus roughly $899 to buy it over the same 3 years. The lease wins on monthly cash flow; the loan wins on total wealth, because after 3 years the buyer owns a $15,000 asset and the lessee owns nothing. Run our Lease Calculator for the exact lease math, then decide based on how long you keep vehicles, not on the monthly number alone.
Estimates for planning only, not financial advice.
Frequently Asked Questions
How do I calculate my loan payment?
Use the amortization formula with your payment frequency: Payment = P x r x (1+r)^n / ((1+r)^n - 1), where r is the rate per period and n is the total number of periods. A $100,000 loan at 6 percent over 30 years costs $599.55 a month, $276.58 biweekly, or about $138.26 a week. The formula is the same; only the period rate and period count change.
Are biweekly payments better than monthly?
Barely, on their own. A biweekly payment recalculated to amortize in the same 30 years is $276.58, and total interest is $115,734.74 versus $115,838 monthly, a saving of only about $103. The famous "biweekly trick" is something different: paying half your monthly payment ($299.78) every two weeks, which totals 26 payments, or 13 monthly payments, per year. That version pays a $100,000, 6 percent loan off in 24.5 years and saves about $24,800 in interest, because you are quietly making one extra monthly payment a year.
Why is the biweekly payment not half the monthly payment?
Because there are 26 biweekly periods in a year, not 24. Half of $599.55 is $299.78, but the correct biweekly payment for the same 30-year payoff is $276.58. The $299.78 figure is the popular accelerated-biweekly amount: paying it 26 times a year equals 13 monthly payments, which pays the loan off in 24.5 years instead of 30. If a lender quotes exactly half the monthly amount, ask whether it is a true 30-year schedule or the accelerated 26-payment version.
How do extra payments change the payoff?
Every extra dollar goes straight to principal, which reduces every future interest charge. On a $100,000, 6 percent, 30-year loan, adding $100 a month pays the loan off in 21 years instead of 30 and saves about $39,900 in interest. Enter an extra amount in this calculator to see your exact new payoff date.
Should I choose a loan or a lease for lower payments?
Leases almost always have lower monthly payments than loans on the same vehicle because you only pay for the depreciation during the lease term plus a rent charge, not the full price. But at the end of a loan you own the asset; at the end of a lease you own nothing and either return it or buy it at the residual price. Compare total cost of ownership over the years you will actually keep the vehicle, not just the monthly payment.