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Loan Payment Calculator

Calculate the required payment per period for a fixed-rate loan with monthly, weekly, quarterly, semiannual, annual, or daily installments.

Published

Payment per period
Monthly payment
$500.95
Number of installments
60
Periodic interest rate
0.63%
Loan payment total
$30,056.92
Total interest
$5,056.92

$25,000.00 repaid monthly for 5 years at 7.5% annual interest.

Principal borrowed before interest.
$
Nominal annual interest rate.
%
Length of the loan in years.
years

Results update as you type.

Loan Payment Calculator

This calculator answers a narrow affordability question: how much is due each period if a fixed-rate loan is repaid on a selected schedule? It is different from the broader loan calculator, which assumes monthly payments, and from the loan-repayment calculator, which focuses on payoff timing and extra principal. Here the payment rhythm is the main variable. You can compare monthly, weekly, quarterly, semiannual, annual, or daily installments while keeping the same principal, annual rate, and term.

The result includes the payment per period, number of installments, periodic interest rate, loan payment total, and total interest. These are principal-and-interest figures only. The form does not add taxes, insurance, servicing fees, origination charges, or lender-specific rounding rules. For vehicle financing, the auto loan calculator includes sales tax and down payment. For an unsecured borrower budget, the personal loan calculator offers personal-loan context.

How the payment frequency changes the math

The calculator takes the annual rate and divides it by the selected frequency. Monthly means 12 payments per year, weekly means 52, quarterly means 4, and daily means 365. It also multiplies the term in years by that same frequency to get the number of installments. A five-year monthly loan has 60 installments; a five-year weekly loan has 260 installments; a five-year quarterly loan has 20 installments.

Because the rate and installment count move together, the payment amount cannot be compared across frequencies without also looking at total paid. A weekly payment will be much smaller than a monthly payment, but there are many more of them. A yearly payment will be much larger, but there are fewer due dates. The total interest line helps translate those schedules back into one lifetime cost.

Formula

For any selected payment frequency:

installments=years⋅payments per year\text{installments} = \text{years} \cdot \text{payments per year}

periodic rate=annual rate100⋅payments per year\text{periodic rate} = \frac{\text{annual rate}}{100 \cdot \text{payments per year}}

When the periodic rate is above zero, the payment is:

payment=principal⋅periodic rate⋅(1+periodic rate)installments(1+periodic rate)installments−1\text{payment} = \frac{\text{principal} \cdot \text{periodic rate} \cdot (1 + \text{periodic rate})^{\text{installments}}}{(1 + \text{periodic rate})^{\text{installments}} - 1}

When the annual rate is 0%, the calculator uses:

payment=principalinstallments\text{payment} = \frac{\text{principal}}{\text{installments}}

The totals are:

total paid=payment⋅installments\text{total paid} = \text{payment} \cdot \text{installments}

total interest=total paid−principal\text{total interest} = \text{total paid} - \text{principal}

Worked example

Consider the default-style case of a $25,000 loan at a 7.5% annual rate for 5 years with monthly payments. Monthly frequency means 12 payments per year, so the installment count is 5 multiplied by 12, or 60. The periodic rate is 7.5 divided by 100 and divided by 12, which equals 0.00625, or 0.625% per month.

Using those inputs, the payment formula returns $500.95 per month. The loan payment total is $500.95 multiplied by 60, or $30,056.92. Subtracting the $25,000 principal leaves $5,056.92 of total interest. The result panel therefore shows monthly payment $500.95, number of installments 60, periodic interest rate 0.63% after display rounding, loan payment total $30,056.92, and total interest $5,056.92.

Switching only the frequency changes the displayed payment rhythm. With quarterly payments, there would be 20 installments and a 1.875% periodic rate. The per-period payment would be larger because each installment covers three months of principal and interest. That does not mean the loan is less affordable or more affordable by itself; it means the cash-flow pattern is different.

APR versus the rate entered here

In lending disclosures, APR can be broader than the interest rate because certain finance charges may be included for comparison. This calculator applies the annual percentage you enter directly to the amortization formula. If a lender quotes an APR that includes fees, the computed payment may not match the contract payment unless those fees are also included in the amount financed. If a lender quotes a note rate and separate fees, model the payment from the note rate and account for the fees separately.

Tips for comparing payments

  • Match the payment frequency to the agreement before relying on the result.
  • Compare total paid, not only the per-period payment.
  • Convert weekly or daily payments into a monthly budget number if your income and bills are monthly.
  • Check whether a lender applies frequent payments immediately or holds them until the due date.
  • Review the total debt load with the debt-to-income calculator and broader cash flow with the budget calculator.

This page provides an educational estimate, not financial advice. Lender disclosures, underwriting, prepayment terms, and fee treatment can change the actual payment schedule.

Sources

Frequently asked questions

How is this different from the general loan calculator?
This page centers on the payment due each selected period. The general loan calculator assumes monthly payments only, while this form can compare yearly, semiannual, quarterly, monthly, weekly, and daily schedules using the same fixed-rate amortization structure for every option.
Which payment frequency should I choose?
Choose the frequency in the loan agreement or the schedule you are evaluating. Monthly is common for mortgages, auto loans, and personal loans, while weekly or biweekly arrangements may appear in payroll-based repayment plans. The calculator changes both the rate per period and installment count.
Does a weekly payment always save money?
Not automatically. This calculator divides the same nominal annual rate by the selected number of payments per year and amortizes over that schedule. Real lenders may compound differently, round payments, or treat biweekly programs as extra principal, so verify how the lender applies payments.
What does periodic interest rate mean?
Periodic interest rate is the annual rate divided by the number of payment periods per year. A 7.5% annual rate with monthly payments becomes 0.625% per month in this calculator, and that rate is used to size the fixed installment.

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