Loan payment frequency calculator
Choose how often you pay to see each payment and how many there are, with a table comparing every frequency for the same loan.
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Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter loan amount, annual interest rate, loan term and payment frequency.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Period rate r = annual rate ÷ k, where k is payments per year. Number of payments n = years × k. Payment = P × r ÷ (1 − (1 + r)^−n).
Example
Inputs: Loan amount = 100,000, Annual interest rate = 6 %, Loan term = 5 years, Payment frequency = Monthly. Result: Payment per period: 1,933.28; Number of payments: 60; Total interest: 15,996.81.
Limits and caveats
- Assumes interest compounds at the payment frequency and the annual rate is nominal. Lenders charging daily interest will differ slightly.
- "Half a payment every two weeks" plans that speed up payoff work differently, since they keep the monthly payment as the base.
Questions about this tool
Why does more frequent paying cut interest?
Each payment lowers the balance sooner, so interest is charged on a smaller balance through the year.
Is the weekly payment the monthly one ÷ 4?
Not exactly. A year has 52 weeks, not 48, so the payment is worked out from the period rate and count directly.
What is the difference between every two weeks and twice a month?
Every two weeks gives 26 payments a year; twice a month gives 24.