Paying more often (bi-weekly instead of monthly) slightly reduces interest because the balance falls sooner, but only accelerated schedules shorten the loan noticeably.
How to use the Loan Payment Calculator
- Loan amount
- Interest rate
- Loan term
- Payment frequency
- Or: payment you can afford (per period)
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the loan amount, interest rate, term and payment frequency; optionally a payment to see how long repayment takes.
Inputs explained
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Interest rate | In % |
| Loan term | Units: years, months |
| Payment frequency | Choose one: Monthly, Semi-monthly, Bi-weekly, Weekly … |
| Or: payment you can afford (per period) | Amount in your currency |
What each result means
- Number of payments = round([Loan term]×[Payment frequency])
- Payment per period = pmt([Rate per payment], [Number of payments], [Loan amount])
- Total interest = [Payment per period]×[Number of payments] – [Loan amount]
- Total of payments = [Payment per period]×[Number of payments]
- Time to repay with your payment = nper([Rate per payment], [Or: payment you can afford (per period)], [Loan amount])÷[Payment frequency]
Example values
How the main result changes when Loan amount changes and everything else stays at the example values above:
| Loan amount | Payment per period |
|---|---|
| 10,000 | 200.38 |
| 15,000 | 300.57 |
| 20,000 | 400.76 |
| 25,000 | 500.95 |
| 30,000 | 601.14 |
| 40,000 | 801.52 |
Formula
Rate per payment i = (1 + r ÷ 12)¹² ÷ p) − 1
Payment = L × i ÷ (1 − (1 + i)^−n), n = years × p
Time for a chosen payment = nper(i, payment, L) ÷ p
Worked example
Inputs: Loan amount: $20,000; Interest rate: 7.5 %; Loan term: 5 years; Payment frequency: Monthly; Or: payment you can afford (per period): $500.
Results: Number of payments = 60; Payment per period = $400.76; Total interest = $4,045.54; Total of payments = $24,045.54; Time to repay with your payment = 3.8 years; Does your payment repay the loan? = Yes.
Frequently asked questions
How is a loan payment calculated?
Payment = L × i ÷ (1 − (1 + i)^−n).
Does a longer term lower the payment?
Yes, but you'll pay more interest.
Can I change the payment frequency?
Many lenders allow bi-weekly or weekly payments.